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microeconomic A vegetable fiber is traded in a competitive world market, and the world price is $9 per pound. Unlimited quantities are available for import

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microeconomic

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A vegetable fiber is traded in a competitive world market, and the world price is $9 per pound. Unlimited quantities are available for import into the United States at this price. The U.S. domestic supply and demand for various price levels are shown as follows: U.S. Supply U.S. (Million LBS) Demand Million Price LBS) 3 34 A N 6 28 9 6 22 12 8 16 15 10 10 18 12 4 a. What is the equation for demand? What is the equation for supply? b. At a price of $9, what is the price elasticity of demand? What is it at a price of $12? c. What is the price elasticity of supply at $9? At $12? d. In a free market, what will be the U.S. price and level of fiber imports

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