f. If the price is $280 per tonne, describe the forces that will
cause the price to change.
g. If the price is $360 per tonne, describe the forces that will
cause the price to change.
15. The following diagram describes the hypothetical demand and
supply for canned tuna in Canada in 2019.
a. Suppose the price of a can of tuna is $4.00. What is the
quantity demanded? What is the quantity supplied? At
this price, is there a shortage or a surplus? By what
amount?
b. Suppose the price of a can of tuna is $1.50. What is the
quantity demanded? What is the quantity supplied? At
this price, is there a shortage or a surplus? By what
amount?
c. What is the equilibrium price and quantity in this market?
16. Consider the world market for a particular quality of coffee beans.
The following table shows the demand and supply schedules for