Assume the U. S. is a small importing country in the market for flip-flops. It produces flip-flops domestically, and also imports them from the rest of the world, where the market price for flip-flops is $7 per pair. In the U. S., supply and demand equations for flip-flops are:

Question

Business

Conner Underwood

14 October, 10:54

Assume the U. S. is a small importing country in the market for flip-flops. It produces flip-flops domestically, and also imports them from the rest of the world, where the market price for flip-flops is $7 per pair. In the U. S., supply and demand equations for flip-flops are:

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Answers (2)

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Quinten Ayers · Answer 1

Supply and Demand equations for flip-flops are:

Q^s = 10Pus

Q^d = 105 - 7Pus

Where:

Q^s & Q^d are the quantity of flip-flops supplied and demanded, respectively, in thousands of pairs per week;

P is the price per pair of flip-flops.

Hillary Blanchard · Answer 2

QS = 10PUS

QD = 105 - 7PUS

Explanation:

The solution goes thus:

Given the question above, the supply and demand equations for flip-flops are:

QS = 10PUS

QD = 105 - 7PUS

Where:

QS & QD represent the quantity of flip-flops supplied and quantity demanded, respectively, in thousands of pairs per week;

Also, P represents the price per pair of flip-flops.