N1

6. In the graph provided, 6.a) graph the world's relative supply curve. 6.b) Assuming that the world's relative demand curve takes the form of a rectangular hyperbola that include such (x. y) coordinates for the relative quantity and relative price of apples (respectively) as (175, 5), (1/2, 2), (1, 1). (2, 1/2), (5, 1/5), carefully sketch out the relative demand curve. 6.c) What is the equilibrium price of apples now that we've specified the world's taste of apples relative to bananas? 6.d) Given the equilibrium price and the equilibrium quantities produced, can we determine number of apples and bananas imported into each country? Why or why not