$19\mathrm{.}10\mathrm{.}202215$:$17$

Chapter $2-$Hakki Kutay BOLKOL

$11.$ A vegetable fiber is traded in a competitive world market, and the world price is $$6$ per pound. Unlimited quantities are available for import into the United States at this price. The U$.$S$.$ domestic supply and demand for various price levels are shown as follows:

$\backslash$table$[[$Price $($Dollars$),$U$.$S$.$ Supply $($Million Lbs$),$U$.$S$.$ Demand $($Million Lbs$)],[3,2,34],[6,4,28],[9,6,22],[12,8,16],[15,10,10],[18,12,4]]$

Let the demand curve be of the general form:

and the supply curve be of the general form:

$Q=a-bP$

where $a,b,c,$ and $d$ are the constants.

What is the equation for demand?

A$.Q=40+2P.$

B$.Q=38-2P.$

C$.Q=40-2P.$

D$.Q=40-1P.$

E$.Q=\frac{2}{3}P.$

What is the equation for supply?

A$.Q=4+2P.$

B$.Q=40+\frac{2}{3}P.$

C$.Q=\frac{2}{3}P.$

D$.Q=40-2P.$

E$.Q=2+P.$

At a price of $$6,$ what is the price elasticity of demand? $($Enter your response rounded to two decimal places.$)$