How many pounds will be purchased

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Reference no: EM132208416

Question: Supply and Demand of British Pounds

Quantity of Pounds Supplied Dollars per Pound Quantity of Pounds Demanded

50 $2.50 10

40 2.00 20

30 1.50 30

20 1.00 40

10 0.50 5

a. The equilibrium exchange rate equals . At this exchange rate, how many pounds will be purchased, and at what cost in terms of dollars?

b. Suppose the exchange rate is $2 per pound. At this exchange rate, there is an excess (supply/demand) of pounds. This imbalance causes (an increase/a decrease) in the dollar price of the pound, which leads to (a/an) in the quantity of pounds supplied and (a/an) in the quantity of pounds demanded.

c. Suppose the exchange rate is $1 per pound. At this exchange rate, there is an excess (supply/ demand) for pounds. This imbalance causes (an increase/a decrease) in the price of the pound that leads to (a/an) in the quantity of pounds supplied and (a/an) in the quantity of pounds demanded.

Reference no: EM132208416

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