What is the quantity of copper ore

Reference no: EM133439478

Question: Consider that the current world price for copper ore it's $3.90 per pound. Suppose that domestic market for copper ore in Chile is described by the following demand and supply equation respectively P = 7.20 - 0.015 Q and P = 0.8 + 0.025 Q where P is the price per pound measured in dollars and Q is the quantity measured in thousands of pounds per month. Similarly suppose that the domestic market for copper ore in Japan is described by the following demand and supply equations P = 5.40 - 0.02 Q and P = 0.6 + 0.04 Q where P is the price per pound measured in dollars and Q is the quantity measured in thousands of pounds per month. what is the quantity of copper ore (thousand pounds per month) bought by consumers in Chile.

Reference no: EM133439478

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