Answer Happy

QUESTION 6 5 points Save Answer 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 your answers in questions 4 and 5, how much of that quantity was consumed in the US (i.e., US quantity demanded)? 5000 tons 4000 tons 2000 tons 3000 tons QUESTION 7 5 points Save Answer Assume the US market 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 your answers in questions 4-6, how much sunflower oil did China purchase from US producers? (i.e., China quantity demanded) 5000 tons 4000 tons 2000 tons 3000 tons