QUESTION 4 5 points Save Answe Assume the US market of sunflower oil was described by the following domestic supply and

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Question 4 5 Points Save Answe Assume The Us Market Of Sunflower Oil Was Described By The Following Domestic Supply And 1 (120.23 KiB) Viewed 29 times

QUESTION 4 5 points Save Answe Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Now add this information: In 2008, China entered into the World Trade Organization and became the largest importer of US sunflower oil. Assume the Chinese import demand for sunflower oil from the US in 2008 was QDCHINA = 12000 - 10 P Given this information, what was the new equilibrium price of sunflower oil in 2008? (Hint: what is the total demand for US sunflower oil?) $1600 $1000 $1500 $1550 QUESTION 5 5 points Save Answe Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Now add this information: In 2008, China entered into the World Trade Organization and became the largest importer of US sunflower oil. Assume the Chinese import demand for sunflower oil from the US in 2008 was QDCHINA = 12000 - 10 P Given the price you calculated in question 4, what was the equilibrium total quantity demanded? 8000 tons 7000 tons 5000 tons 7800 tons