
Access over 20 million homework documents through the notebank

Get on-demand Q&A homework help from verified tutors

Read 1000s of rich book guides covering popular titles
I’m studying for my Business class and don’t understand how to answer this. Can you help me study?
<?xml:namespace prefix = w ns = "urn:schemas-microsoft-com:office:word" />
4. answer a, b, c, and d using the following information:
suppose that the supply schedule of maine lobsters is as follows:
price of lobster quantity of lobster supplied
(per pound) (pounds)
$ 25 800
$ 20 700
$ 15 600
$ 10 500
$ 5 400
suppose that maine lobsters can be sold only in the united states. the u.s. demand schedule for maine lobsters is as follows:
price of lobster quantity of lobster demanded
(per pound) (pounds)
$ 25 200
$ 20 400
$ 15 600
$ 10 800
$ 5 1,000
a. looking at both the schedules of supply and demand, as well as the graph of the demand and supply curve for maine lobsters, what is the equilibrium price of lobsters and the equilibrium quantity of lobsters demanded and supplied at that price?
b. now, suppose that maine lobsters can also be sold in france. the french demand schedule for maine lobsters is as follows:
price of lobster quantity of lobster demanded
(per pound) (pounds)
$ 25 100
$ 20 300
$ 15 500
$ 10 700
$ 5 900
what is the demand schedule for maine lobsters now that french consumers can also buy them?
c. using the combined u.s. and french demand schedule, the u.s. demand schedule and the supply schedule, and the graph below, analyze the change in the market for lobsters. (hint: use the 10 question worksheet approach) explain your analysis and answer these two questions.
1. what will happen to the price at which fishermen can sell lobster?
2. what will be the final output of lobsters?
d. what will happen to the price paid by u.s. consumers?
what will happen to the quantity consumed by u.s. consumers?
This question has not been answered.
Create a free account to get help with this and any other question!
Brown University
1271 Tutors
California Institute of Technology
2131 Tutors
Carnegie Mellon University
982 Tutors
Columbia University
1256 Tutors
Dartmouth University
2113 Tutors
Emory University
2279 Tutors
Harvard University
599 Tutors
Massachusetts Institute of Technology
2319 Tutors
New York University
1645 Tutors
Notre Dam University
1911 Tutors
Oklahoma University
2122 Tutors
Pennsylvania State University
932 Tutors
Princeton University
1211 Tutors
Stanford University
983 Tutors
University of California
1282 Tutors
Oxford University
123 Tutors
Yale University
2325 Tutors