Question: answer The table below lists the price and quantities demanded and supplies of cotton in the country of Lykesville. Price Cotton demand Cotton supply 35

answer

The table below lists the price and quantities demanded and supplies of cotton in the country of Lykesville. Price Cotton demand Cotton supply 35 1695 1305 510 1630 1370 515 1565 1435 520 1500 1500 325 1435 1565 $30 1370 1630 $35 1305 1695 If the world price is currently $30, much will Lykesville export? Now, suppose the government of Quarterville, a trading partner to which Lykesville sells cotton, imposes a tariff on cotton. Since a tarift is a tax (on imported cotton), it reduces the price that Lykesville earns per unit of cotton sold to Quarterville to $25. How much cotton does Lykesville now export

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