Question

Refer to the table below: 

Domestic Market supply of and Demand for Corn
Total Quantity Supplied per Week	Price per Bushel	Total Quantity Demanded per week	Surplus (+) or Shortage (-)
12,000	$5	2,000	+10,000
10,000	4	4,000	+6,000
7,000	3	7,000	0
4,000	2	11,000	-7,000
1,000	1	16,000	-15,000

a. How many bushels of corn, if any, will the United States export or import at the prices below? 

b. Use this information to construct the U.S. export supply curve and import demand curve for corn.

c. Suppose that the only other corn-producing nation is France, where the domestic price is $4. Which country will export corn and which country will import it?

Answer 1