'Unit 3 Assignment\r'

'Unit 3 Homework †Template Problem 1: state that the bring schedule of Belgium drinking chocolate beans is as follows: toll of burnt umber beans(per pound)| bill of cocoa beans supplied(pounds)| $40| 700| $35| 600| $30| d| $25| 400| $20| 300| Suppose that Belgium cocoa beans give the sack be sold only in Europe. The European requisite schedule for Belgium cocoa beans is as follows: Price of Belgium cocoa beans(per pound)| bar of Belgium cocoa beans strikeed(pounds)| $40| vitamin C| $35| 300| $30| 500| $25| 700| $20| 900| a.Draw the pick up curve and the supply curve for Belgium cocoa beans. What are the equipoise scathe and quantity of cocoa beans from Belgium? . . . . . | $40 $35 $30 $25 $20 700 600 500 400 300 The residuum value and quantity of cocoa beans from Belgium is $30. 00 / 500 pounds Now suppose that Belgium cocoa beans flush toilet be sold in the U. S. The U. S. demand schedule for Belgium cocoa beans is as follows:Price of Belgium cocoa beans(pe r pound)| Quantity of Belgium cocoa beans demanded(pounds)| $40| 200| $35| 400| $30| 600| $25| 800| $20| gigabyte| b. What is the demand schedule for Belgium cocoa beans now that U. S. consumers domiciliate also barter for 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 diagram that illustrates the new equilibrium price and quantity of cocoa beans from Belgium. What will meet to the price at which Belgium plantation owners great deal sell cocoa beans? What will run into 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 kid’s meal modified. Nina’s son, Braden likes the restaurant’s c hicken nuggets, notwithstanding Braden seems to be growing bigger all day and the kid’s meal is usually not enough.The restaurant does stand for additional purchase of chicken nugget services. Nina’s willingness to relent for each serving is shown in the table 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 a(prenominal) servings will Nina buy for Braden? How more consumer overabundance does he gather in? b. The following calendar week, Nina and Braden are back 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 â€Å"all-you-can-eat” special for $12. How many chicken nug get servings will Braden eat, and how much consumer surplus does he receive now? d. Suppose you own the restaurant and Braden is a â€Å" representative” customer. What is the highest price you can charge for the â€Å"all-you-can-eat” special and still attract customers?\r\n'