6.In Exercise 4 of Chapter 2.we examined a vegetable fiber traded in a competitive world market and imported into the United States at a world price of $9 per pound.U.S.domestic supply and demand for various price levels are shown in the following table. Price U.S.Supply U.S.Demand (million pounds) (million pounds) 3 2 6 28 9 6 8 16 10 10 18 12 4 Answer the following about the U.S.market: a.Confirm that the demand curve is given by and that the supply curve is given by☒ To find the equation for demand,we need to find a linear function QD=a+ table Second,we substitute for b and one point,e.g.(15.10).into our linear function to solve for the constant.a: 10=a-215),ora=40. Therefore,p=40-2P. Similarly,we may solve for the supply equation s=c+dPpassing through two points such)and 2).The sloped.is △g_4-2_2 P6-33 Solving for e: 4=c+()6ore=0 Therofor.Q-(p b.Confirm that if there were no restrictions on trade,the U.S.would import 16 million pounds.6. In Exercise 4 of Chapter 2, we examined a vegetable fiber traded in a competitive world market and imported into the United States at a world price of $9 per pound. U.S. domestic supply and demand for various price levels are shown in the following table. Price U.S. Supply (million pounds) U.S. Demand (million pounds) 3 2 34 6 4 28 9 6 22 12 8 16 15 10 10 18 12 4 Answer the following about the U.S. market: a. Confirm that the demand curve is given by , and that the supply curve is given by . To find the equation for demand, we need to find a linear function QD= a + bP such that the line it represents passes through two of the points in the table such as (15,10) and (12,16). First, the slope, b, is equal to the “rise” divided by the “run,” Second, we substitute for b and one point, e.g., (15, 10), into our linear function to solve for the constant, a: 10 = a − 2(15) , or a = 40. Therefore, QD = 40 − 2P. Similarly, we may solve for the supply equation QS= c + dP passing through two points such as (6,4) and (3,2). The slope, d, is Q P = 4 − 2 6 − 3 = 2 3 . Solving for c: 4 = c + 2 3     (6), or c = 0. Therefore, QS = 2 3     P. b. Confirm that if there were no restrictions on trade, the U.S. would import 16 million pounds