Bu224 - Unit 3 Assignment - Kaplan

Problem 1: Suppose that the supply schedule of Belgium umber beans is as follows: |Price of drinking chocolate beans (per pound) |Quantity of coffee beans supplied (pounds) | |$40 |700 | |$35 |600 | |$30 |500 | |$25 |400 | |$20 |300 | Suppose that Belgium cocoa beans can be sell only in Europe.

The European demand schedule for Belgium cocoa beans is as follows: |Price of Belgium cocoa beans (per pound) |Quantity of Belgium cocoa beans demanded (pounds) | |$40 |100 | |$35 |300 | |$30 |500 | |$25 |700 | |$20 |900 | (a) Draw the demand slew and the supply curve for Belgium cocoa beans. What are the equilibrium price and metre of cocoa beans from Belgium? [pic] The equilibrium price of cocoa beans is $30 and the equilibrium quantity is 500 pounds. It is the point in the graph where the supply... If you want to give out a full essay, order it on our website: Orderessay

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