Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Using your work in questions 1 and 2, what were revenues for the suppliers of sunflower oil?

$3,500,000

$5,000,000

$4,000,000

$2,720,000

Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Now add this information: In 2008, China entered into the World Trade Organization and became the largest importer of US sunflower oil. Assume the Chinese import demand for sunflower oil from the US in 2008 was QDCHINA = 12000 - 10 P Given this information, what was the new equilibrium price of sunflower oil in 2008? (Hint: what is the total demand for US sunflower oil?)

1. $1600
2. $1000
3. $1500
4. $1550

Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Now add this information: In 2008, China entered into the World Trade Organization and became the largest importer of US sunflower oil. Assume the Chinese import demand for sunflower oil from the US in 2008 was QDCHINA = 12000 - 10 P Given the price you calculated in question 4, what was the equilibrium total quantity demanded?

1. 8000 tons
2. 7000 tons
3. 5000 tons
4. 7800 tons

Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Now add this information: In 2008, China entered into the World Trade Organization and became the largest importer of US sunflower oil. Assume the Chinese import demand for sunflower oil from the US in 2008 was QDCHINA = 12000 - 10 P Given your answers in questions 4 and 5, how much of that quantity was consumed in the US (i.e., US quantity demanded)?

1. 5000 tons
2. 4000 tons
3. 2000 tons
4. 3000 tons

Assume the US market of sunflower oil was described by the following domestic supply and demand equations: QDUS = 5000 - 2 P and QSUS = -3000 + 8 P where QDUS and QSUS represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in $). Now add this information: In 2008, China entered into the World Trade Organization and became the largest importer of US sunflower oil. Assume the Chinese import demand for sunflower oil from the US in 2008 was QDCHINA = 12000 - 10 P Given your answers in questions 4-6, how much sunflower oil did China purchase from US producers? (i.e., China quantity demanded)

1. 5000 tons
2. 4000 tons
3. 2000 tons
4. 3000 tons