=+6. In Exercise 4 in Chapter 2 (page 84), we examined a vegetable fiber traded in a

Question:

=+6. In Exercise 4 in Chapter 2 (page 84), we examined a vegetable fiber traded in a competitive world market and imported into the United States at a world price of $9 per pound. U.S. domestic supply and demand for various price levels are shown in the following table.

Price U.S. SUPPly

(million PoUndS)

U.S. demand

(million PoUndS)

3 2 34 6 4 28 9 6 22 12 8 16 15 10 10 18 12 4 Answer the following questions about the U.S. market:

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