a.What is the equation for demand?What is the equation for supply? The equation for demand is of the form Q=a-bP.First find the slope,which 3 =-2=-b.You can figure this out by noticing that every tme price increases by 3,quantity demanded falls by 6 million pounds. Demand is now Q=a-2P.To find a,plug in any of the price quantity demanded points from the table:Q=34=a-2*3 so that a=40 and demand is Q=402P. which is d.You can figure this out by noticing that every time priee increases by3 quantity supplied increases by 2 million pounds.Supplyis now =c+P.To find e plug in any of the price quantity supplied points from the table:=2=c+(3)so that c=0 and supply is 0=p b.At a price of $9,what is the price elasticity of demand?What is it at price of 8129 Elasticity ofdemand at P=9is 60品2=晋02 24=-15 Elasticity of demand at P=12s=16 c.What is the price elasticity of supply at $9?At$12? a商aaan器-0-兰10 d.In a free market,what will be the U.S.price and level offiber imports? With no restrictions on trade,world price will be the price in the United States,so that P=$9.At this ic supply is6million ba while the domestic demand is 22 million Ibs. Imports make up the difference and are 16 million Ibs. 5.Much of the demand for US.agricultural output has come from other countries.In 1998,the total demand for wheat was Q=3244-283P.Of this, a. What is the equation for demand? What is the equation for supply? The equation for demand is of the form Q=a-bP. First find the slope, which is Q P = −6 3 = −2 = −b. You can figure this out by noticing that every time price increases by 3, quantity demanded falls by 6 million pounds. Demand is now Q=a-2P. To find a, plug in any of the price quantity demanded points from the table: Q=34=a-2*3 so that a=40 and demand is Q=40-2P. The equation for supply is of the form Q = c + dP. First find the slope, which is  Q P = 2 3 = d. You can figure this out by noticing that every time price increases by 3, quantity supplied increases by 2 million pounds. Supply is now Q = c + 2 3 P. To find c plug in any of the price quantity supplied points from the table: Q = 2 = c + 2 3 (3) so that c=0 and supply is Q = 2 3 P. b. At a price of $9, what is the price elasticity of demand? What is it at price of $12? Elasticity of demand at P=9 is P Q Q P = 9 22 (−2) = −18 22 = −0.82. Elasticity of demand at P=12 is P Q Q P = 12 16 (−2) = −24 16 = −1.5. c. What is the price elasticity of supply at $9? At $12? Elasticity of supply at P=9 is P Q Q P = 9 6 2 3     = 18 18 =1.0. Elasticity of supply at P=12 is P Q Q P = 12 8 2 3     = 24 24 = 1.0. d. In a free market, what will be the U.S. price and level of fiber imports? With no restrictions on trade, world price will be the price in the United States, so that P=$9. At this price, the domestic supply is 6 million lbs., while the domestic demand is 22 million lbs. Imports make up the difference and are 16 million lbs. 5. Much of the demand for U.S. agricultural output has come from other countries. In 1998, the total demand for wheat was Q = 3244 - 283P. Of this