1 answer

Looking at below info to answer the above of 1. Question 19 of 20 12 Points...

Question:

of 1. Question 19 of 20 12 Points Consider the following supply and demand curves for beef in both South Africa and Namibia:

Looking at below info to answer the above

South Africas local beef market RO 4 6 8 10 12 14 16 18 20 22 24 26 28 Million per year Namibias local beef market

of 1. Question 19 of 20 12 Points Consider the following supply and demand curves for beef in both South Africa and Namibia: a) Derive the mathematical functions for both the South African supply curve and demand curve for beef. Express both functions in terms of price. b) Derive the mathematical functions for both the Namibian supply curve and demand curve for beef. Express both functions in terms of price. Note: Please see attachment! Q19.docx 125 KB A. a) P.-15-20 P=15+250 by P. = 10 - 2.5 P: +20 +2 B. a)P,-3-30 P = 15+ 250 b) P-100-250 P-20030 CaP. 5-2.50 P. - 152.50 bi PE 100-2.50
South Africa's local beef market RO 4 6 8 10 12 14 16 18 20 22 24 26 28 Million per year Namibia's local beef market

Answers

(I) South Africa

(a) Demand: P = a - bQ

From demand curve: When Q = 0, P = 85 and when Q = 28, P = 15

85 = a - 0

a = 85

15 = a - 28b = 85 - 28b

28b = 70

b = 2.5

Demand: P = 85 - 2.5Q

(b) Supply: P = c + dQ

From supply curve: When Q = 0, P = 15 and when Q = 28, P = 85

15 = c + 0

c = 15

85 = c + 28d = 15 + 28d

28d = 70

d = 2.5

Supply: P = 15 + 2.5Q

(II) Namibia

(a) Demand: P = a - bQ

From demand curve: When Q = 0, P = 100 and when Q = 28, P = 30

100 = a - 0

a = 100

30 = a - 28b = 100 - 28b

28b = 70

b = 2.5

Demand: P = 100 - 2.5Q

(b) Supply: P = c + dQ

From supply curve: When Q = 0, P = 20 and when Q = 28, P = 90

20 = c + 0

c = 20

90 = c + 28d = 20 + 28d

28d = 70

d = 2.5

Supply: P = 20 + 2.5Q

.

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