Unit 3 Assignment

Unit 3 training Template Problem 1 Suppose that the supply plan of Belgium Cocoa beans is as follows Price of umber beans(per pound) standard of hot chocolate beans supplied(pounds) $40 700 $35 600 $30 d $25 400 $20 ccc Suppose that Belgium deep br receive beans can be sold only in Europe. The European demand schedule for Belgium cocoa beans is as follows Price of Belgium cocoa beans(per pound) Quantity of Belgium cocoa beans demanded(pounds) $40 100 $35 three hundred $30 500 $25 700 $20 900 a.Draw the demand curve and the supply curve for Belgium cocoa beans. What argon the equilibrium price and quantity of cocoa beans from Belgium? . . . . . $40 $35 $30 $25 $20 700 600 500 400 three hundred The equilibrium price and quantity of cocoa beans from Belgium is $30. 00 / 500 pounds Now suppose that Belgium cocoa beans can be sold in the U. S. The U. S. demand schedule for Belgium cocoa beans is as followsPrice of Belgium cocoa beans(per pound) Quantity of Belgium cocoa beans d emanded(pounds) $40 200 $35 400 $30 600 $25 800 $20 gram b. What is the demand schedule for Belgium cocoa beans now that U. S. consumers can also buy them? Price of Belgium cocoa beans Quantity of Belgium cocoa beans demanded Quantity of Belgium cocoa beans demanded Total Demanded (per pound) (pounds) (pounds) (pounds) $40 200 100 $35 400 300 $30 600 500 $25 800 700 $20 1000 900 Draw a supply and demand draw that illustrates the new equilibrium price and quantity of cocoa beans from Belgium. What ordain happen to the price at which Belgium woodlet owners can sell cocoa beans? What will happen to the price paid by European consumers? What will happen to the quantity consumed by European consumers? Problem 2 On Tuesday nights, a local eating place has a kids meal exceptional. Ninas son, Braden likes the eaterys yellow-bellied nuggets, but Braden seems to be growing bigger every day and the kids meal is usually not enough.The restaurant does allow for additional purchase of chicken nugget servings. Ninas willingness to pay for each serving is shown in the evade below. Number of Chicken Nugget servings(servings) Willingness to pay for chicken nuggets(per serving) 1 $5 2 $4 3 $3 4 $2 5 $1 6 $0 a. If the price of an additional serving of chicken nuggets is $3, how many servings will Nina buy for Braden? How much consumer profusion does he receive? b. The following week, Nina and Braden are tail end at the restaurant again, but now the price of a serving of chicken nuggets is $4.By how much does his consumer surplus decrease compared to the previous week? c. One week later, they return to the restaurant again. Nina discovers that the restaurant is offering an all-you-can-eat special for $12. How many chicken nugget servings will Braden eat, and how much consumer surplus does he receive now? d. Suppose you own the restaurant and Braden is a typical customer. What is the highest price you can charge for the all-you-can-eat special and still attract cu stomers?