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I've done the work, I just need somebody to check my work for me. The demand for sugar in the United States is characterized by

I've done the work, I just need somebody to check my work for me.

The demand for sugar in the United States is characterized by the equationP = 13 - Q/1000,

where Q is tons of sugar. U.S. producers of sugar will supply sugar to the U.S. market based on the equationP = 4 + Q/200.

The rest of the world will sell as much sugar as U.S. consumers will purchase for a price of $6 (Hint: the supply curve for the rest of the world is flat at $6)

Demand P = 13 - Q/1000 Calculation for $12.60; Demand P= 13-Q/1000 13-400/1000

Supply P = 4 + Q/200

Demand P=13-Q/1000

6=13-Q/1000

Solving for Q: -6 -6

4 + Q/200= 13 - Q/1000 0=7-Q/1000

-4 -4 +Q/1000 +Q/1000 Q/1000=7 Q=7000

(*5) Q/200= 9-Q/1000

+Q/1000 +Q/1000 Supply: P= 4+Q/200

5Q/1000+Q/1000=9 6(-4)=4 (-4)+Q/200

6Q/1000=9 (*1000) 2=Q/200 Q=400

6Q/9000= 1500

Solving for P:

4+1500/200 or 13-1500/1000

Q=1500 P=11.50

  1. What will be the market price of sugar in the United States? 11.50

  1. How much sugar will American consumers purchase? 1500

  1. How much sugar will American producers sell? 7000

  1. How much sugar will Americans import from the rest of the world? 5500 (7000-1500)

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