Equilibrium price of lobsters-quantity of lobsters demanded

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a. Looking at both the schedules of supply and demand, as well as the graph of the demand and supply curve for Maine Lobsters, what is the equilibrium price of lobsters and equilibrium quantity of lobsters demanded and supplied at that price?

b. Second suppose that Maine lobsters can also be sold in France. The French demand schedule for Maine lobsters is as follows: prices of lobsters per pound:$25 , quantity of lobster demanded (pounds) 100

$20 300

What is the demand schedule for Maine lobsters now that French consumers can also buy them?

c. Using the combined U.S. and French demand scheduke the U.S. demand schedule and the supply schedule, and the graph, analyze the change in te market for lobsters. What will happen to the price at which fisherman can selllobster? Waht will be the final output of lobstere?

d. What will happen to the price paid by U.S. consumers? What will ahppen to the quantity consumed by U.S. consumers?

Reference no: EM13818088

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