ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Equilibrium Price and Quantity
Equilibrium refers to a state of balance that comes about because there is equality in all forces.
Question
Please answer the last three questions not include first one
In October 2018 Canada agree to open the dairy market to US producers as part of the new NAFTA agreement (USMCA). Use the following information to find the price and the number of firms in each country's market, and the price and number of firms in the aggregate market. Demand function For country i (i =USA or Canada) P;= 6000 + Cost Function C,= 1,000, 000 + 6000 * For country i (i =USA or Canada) Q, Market size Market size Canada Scananda 1, 000, 000 • Market size USA S,S4= 4,000, 000 The number of firms in Canada is equal to: Answer: Price in USA is equal to Answer: Number of firms in the integrated market is equal to: Answer: Price in the integrated market is equal to Answer:
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Transcribed Image Text:In October 2018 Canada agree to open the dairy market to US producers as part of the new NAFTA agreement (USMCA). Use the following information to find the price and the number of firms in each country's market, and the price and number of firms in the aggregate market. Demand function For country i (i =USA or Canada) P;= 6000 + Cost Function C,= 1,000, 000 + 6000 * For country i (i =USA or Canada) Q, Market size Market size Canada Scananda 1, 000, 000 • Market size USA S,S4= 4,000, 000 The number of firms in Canada is equal to: Answer: Price in USA is equal to Answer: Number of firms in the integrated market is equal to: Answer: Price in the integrated market is equal to Answer:
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