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Complete the following problem. Be sure to answer every part of the problem unless otherwise noted.
Unit 3 Homework (2 problems)
Suppose that the supply schedule of Belgium Cocoa beans is as follows:
Price of cocoa beans (per pound)
Quantity of cocoa beans supplied (pounds)
Suppose that Belgium cocoa beans can be sold 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)
Price of Belgium cocoa beans
Quantity of Belgium cocoa beans demanded
Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of cocoa beans from Belgium.
What will happen to the price at which Belgium plantation owners can sell cocoa beans?
What will happen to the price paid by European consumers?
What will happen to the quantity consumed by European consumers?
On Tuesday nights, a local restaurant has a kid’s meal special. Nina’s son, Braden likes the restaurant’s chicken nuggets, but Braden seems to be growing bigger every day and the kid’s meal is usually not enough. The restaurant does allow for additional purchase of chicken nugget servings. Nina’s willingness to pay for each serving is shown in the table below.
Number of Chicken Nugget servings (servings)
Willingness to pay for chicken nuggets (per serving)
Is this what you meant?
Thanks, It's much better. I'm going to work on it now. By the way, which textbook are you currently using?
How long do you think it will be before you can have an answer for me? I need it by Sunday
Title : Microeconomics, 2nd Edition
Authors : Paul Krugman and Robin Wells
I'll post you a solution by tomorrow.
I am having a major problem with these graphs. I understand the concepts but the graphs are really throwing me through a loop and my professor doesn't seem to have time to help any of us
Are you good with economics??? Could really use a tutor :)
Hmm... That's not good. Let me work on these problems first and I'll know what you are learning. In economics, you need to understand when we shift the demand and the supply curves and the results of them.
Yes you are right. Well, I will await your answer and hopefully we can talk more again. Thank you so much for your assistance I really appreciate it.
Sure. I am going to work on it now.
Thank you. Have a good night and I will talk to you more tomorrow.
Here is my solution: http://www.box.com/s/oc22hdv9nhp2fjmvq2foThanks,