Question
The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric
The table below represents the quantity of rice demanded for selected countries.
Quantity of Rice Demanded (millions of metric tons)
Price (U.S. dollars per metric ton) Japan Taiwan South Korea Market Total
$600 8 2 3 13
$500 9 2.5 5 16.5
$400 10 3 7 20
$300 11 3.5 9 23.5
$200 12 4 11 27
Instructions:Round your answers to 1 decimal place.
a. Fill in the market quantity of rice demanded (column "Market") for each given price.
b. What is the quantity of rice demanded in the market (in metric tons) if the market price is $400 per metric ton?
( ) million metric tons
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