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 13 7 8   500 14 8.5 10.5   400 15 10 13   300 16 11.5 15.5   200 17 13 18   What is the quantity of rice demanded in the market (in metric tons) if the market price is $300 per metric ton?         million metric tons  Round your answers to 1 decimal place.

The market for pencils has a domestic demand equation P=20−0.5Q�=20−0.5�, and a domestic supply equation  P=5+Q�=5+�, where quantity is measured in thousands. The world supply equation for pencils is PW=10��=10.  If trade is allowed, what is the resulting equilibrium price and quantity?

Suppose that the world price of baseball caps is €1 and there are no import restrictions on this product. Assume that Spanish consumers are indifferent between domestic and imported baseball caps. a. What quantity of baseball caps will domestic suppliers supply to domestic consumers ?__________thousands

South Korea to Resume US Beef Imports South Korea will open its market to most U.S. beef. South Korea banned imports of U.S. beef in 2003 amid concerns over a case of mad cow disease in the United States. The ban closed what was then the third-largest market for U.S. beef exporters. Source: CNN, May 29, 2008 The graph shows the market for beef in the United States. Assume that South Korea is the only importer of U.S. beef. Draw a point of the quantity demanded and the price when South Korea allows imports of beef from the United States. Label this point 1. Draw a point at the quantity supplied by U.S. beef farmers and the price when South Korea allows imports of beef from the United States. Label this point 2. Draw a point to show the price and quantity of beef when South Korea bans imports of U.S. beef. In the United States, the winners from the ban on U.S. beef are losers are A. producers; consumers OB. consumers; producers and the 12- 10- 4- 2- Price (dollars per pound) 80 S World…