Question: 1. (Q3.3 Page 81:) Suppose that the supply function for copra (dried coconut meat) for processing into coconut oil in the Philippines is: In

1. (Q3.3 Page 81:) Suppose that the supply function for copra (dried

1. (Q3.3 Page 81:) Suppose that the supply function for copra (dried coconut meat) for processing into coconut oil in the Philippines is: In Q 0.20.22 In p == where is the quantity of copra in millions of tons per year and p is the price of copra in thousands of pesos per ton. If the demand function for copra for processing into coconut oil is: where po 2016. = In Q 1.5 0.22 ln p + 0.09 In po = 65 is the price of coconut oil in thousands of pesos per ton in (a) What is the demand curve for copra for processing? (b) Solve for the equilibrium price and quantity of copra for processing into coconut oil (round your responses to one decimal place).

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