Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3294 - 255P; where, domestic demand is Qag = 1521 - 107 P; export demand is Q. - 1773 - 148 P supply is Q, = 1613 + 192 P. (Note: total demand, Q = Qag + Qe) (a) What is the equilibrium market price of jute? Please give your answer in 2 decimal places (b) Suppose, due to the recent pandemic, the export demand for jute falls by 58 percent. What happens to the price of jute in Bangladesh? Please give your answer in 2 decimal places. (c) Now suppose the BD government wants to buy enough jute to raise the price to $6.300000000000001 per unit. With this drop in export demand, how much jute would the government have to buy? Please give your answer in 2 decimal places. (d) How much would this cost the government? Please give your answer in 2 decimal places

Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3294 - 255P; where, domestic demand is Qag = 1521 - 107 P; export demand is Q. - 1773 - 148 P supply is Q, = 1613 + 192 P. (Note: total demand, Q = Qag + Qe) (a) What is the equilibrium market price of jute? Please give your answer in 2 decimal places (b) Suppose, due to the recent pandemic, the export demand for jute falls by 58 percent. What happens to the price of jute in Bangladesh? Please give your answer in 2 decimal places. (c) Now suppose the BD government wants to buy enough jute to raise the price to $6.300000000000001 per unit. With this drop in export demand, how much jute would the government have to buy? Please give your answer in 2 decimal places. (d) How much would this cost the government? Please give your answer in 2 decimal places

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3385 - 270P: where, domestic demand is Qdd = 1442 - 144 P; export demand is Qe = 1943 - 126 P supply is Q, = 1601 + 195 P. (Note: total demand, Q = Qd + Qe) (a) What is the equilibrium market price of jute? Please give your answer in 2 decimal places. (b) Suppose, due to the recent pandemic, the export demand for jute falls by 57 percent. What happens to the price of jute in Bangladesh? Please give your answer in 2 decimal places. (c) Now suppose the BD government wants to buy enough jute to raise the price to $5.5 per unit. With this drop in export demand, how much jute would the government have to buy? Please give your answer in 2 decimal places. (d) How much would this cost the government? Please give your answer in 2 decimal places.
These are the 4 sub sections of one questions. Please answer asap Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3583 - 301P; where, domestic demand is Qdd = 1417 - 104 P; export demand is Qe = 2166 - 197 P supply is Qs = 1767 + 202 P. (Note: total demand, Q = Qdd + Qe) (a) What is the equilibrium market price of jute? (b) Suppose, due to the recent pandemic, the export demand for jute falls by 50 percent. What happens to the price of jute in Bangladesh? (c) Now suppose the BD government wants to buy enough jute to raise the price to $5.800000000000001 per unit. With this drop in export demand, how much jute would the government have to buy? (d) How much would this cost the governmentgovernment?
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Q29 a government mandated price which is set below the equilibrium price in order to prevent thr price from rising any further is termed choices - price floor - price ceiling - import tariff - export tariff