In 2001, the US market of sunflower oil was described by the following domestic supply and demand equations:

Qd.us = 8000 - 4P ,Qs.us = -2000 + 6P

where Qd.us and Qs.us represent the quantities demanded and supplied (in billions of metric tons) and P is the price per metric ton of sunflower oil (in$).

a) What was the market equilibrium price per metric ton of sunflower oil? How many metric tons were sold at this price (what was the market equilibrium quantity)? At this market price, what were revenues for US sunflower oil producers?

b) China's 2001 accession to the World Trade Organization lowered barriers to agricultural imports, and its economic growth generated new demands for agricultural commodities, in particular oilseeds. In 2008, China became the largest importer of US sunflower oil. This was due to China's relative scarcity of land resources. Oilseeds products have high land requirements per unit of output.

The Chinese import demand for sunflower oil from the US in 2008 was

Qd.CHINA= 20000 - 10P

What was the equilibrium price of sunflower oil in 2008 in the US when China became the largest importer of US sunflower oil? (Hint: what is now the US market (total) demand equation of sunflower oil?) Draw in only ONE graph the equilibrium situation in 2001 and 2008 in the us market of sunflower oil.

C.) At the 2008 equilibrium price, how much sunflower oil did US sunflower producers supply? How much was consumer in the US and how much did China purchase from US producers? What were US sunflower producer revenues? Show your work.