Chapter 2

  1. 1.1 The demand curve for pork is Q=18620p.[&Q|=|186|-|20p.&]

  2. 1.2 The change in the demand for pork as income changes is Q/Y=2.[&|pdns|Q/|pdns|Y|=|2.&] A $100 increase in income causes the quantity demanded to increase by 0.2 million kg per year.

  3. 1.4 Both of these demand curves hit the price axis at 120. Thus, to derive the total demand, we add the two demand functions: Q=Q1+Q2=(120p)+(6012p)=1801.5p.[&Q|=|*cf*{}{}&][&Q_{1}|+|Q_{2}|=|(120|-|p)|+|(60|-|*cf*{1}{2}|thn|p)|=|180*N*[-1%0]|-|*N*[-1.5%0]1.5p.*N*[1%0]&]

  4. 2.4 In the figure, the no-quota total supply curve, S in panel c, is the horizontal sum of the U.S. domestic supply curve, Sd,[&S^{d},&] and the no-quota foreign supply curve, Sf.[&S^{f}.&] At prices less than p¯,

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