Unit 3 Assignment

Unit 3 Homework Template Problem 1 Suppose that the supply schedule of Belgium Cocoa beans is as follows Price of umber beans(per pound) Quantity of deep brown beans supplied(pounds) $40 700 $35 600 $30 500 $25 400 $20 300 Suppose that Belgium chocolate beans can be interchange only in Europe. The European engage schedule for Belgium cocoa beans is as follows Price of Belgium cocoa beans(per pound) Quantity of Belgium cocoa beans demanded(pounds) $40 ampere-second $35 300 $30 500 $25 700 $20 900 a.Draw the demand curve and the supply curve for Belgium cocoa beans. What are the residue outlay and quantity of cocoa beans from Belgium? . . . . . $40 $35 $30 $25 $20 700 600 500 400 300 The equilibrium expense and quantity of cocoa beans from Belgium is $30. 00 / 500 pounds Now suppose that Belgium cocoa beans can be sold in the U. S. The U. S. demand schedule for Belgium cocoa beans is as followsPrice of Belgium cocoa beans(per pound) Quantity of Belgium cocoa beans demanded (pounds) $40 200 $35 400 $30 600 $25 800 $20 potassium b. What is the demand schedule for Belgium cocoa beans instantaneously that U. S. consumers can also buy them? Price of Belgium cocoa beans Quantity of Belgium cocoa beans demanded Quantity of Belgium cocoa beans demanded Total Demanded (per pound) (pounds) (pounds) (pounds) $40 200 100 $35 400 300 $30 600 500 $25 800 700 $20 1000 900 Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of cocoa beans from Belgium. What will happen to the price at which Belgium plantation owners can sell cocoa beans? What will happen to the price paid by European consumers? What will happen to the quantity consumed by European consumers? Problem 2 On Tues twenty-four hour period nights, a local eatery has a kids meal special. Ninas son, Braden likes the restaurants chicken nuggets, solely Braden seems to be growing bigger every day and the kids meal is usually not enough.The restaurant does foreg o for additional purchase of chicken nugget overhauls. Ninas willingness to pay for each share is shown in the table below. Number of Chicken Nugget servings(servings) Willingness to pay for chicken nuggets(per serving) 1 $5 2 $4 3 $3 4 $2 5 $1 6 $0 a. If the price of an additional serving of chicken nuggets is $3, how many servings will Nina buy for Braden? How frequently consumer purposeless does he receive? b. The following week, Nina and Braden are back at the restaurant again, but now the price of a serving of chicken nuggets is $4.By how much does his consumer surplus decrease compared to the previous week? c. One week later, they return to the restaurant again. Nina discovers that the restaurant is offering an all-you-can-eat special for $12. How many chicken nugget servings will Braden eat, and how much consumer surplus does he receive now? d. Suppose you own the restaurant and Braden is a typical customer. What is the highest price you can charge for the all-you-can-eat special and whitewash attract customers?