Final answer:
Boris paid approximately 39 cents per pound of sugar, which we calculated by dividing the total cost of $11 by the total weight of 28 pounds.
Step-by-step explanation:
To determine how many dollars Boris paid per pound of sugar, we need to perform a simple division. Boris bought 28 pounds of sugar for $11.
The formula to calculate the cost per pound is:
Cost per pound = Total cost / Total weight in pounds
When we apply Boris's numbers to this formula, we get:
Cost per pound = $11 / 28 pounds
Cost per pound = $0.3929 per pound (rounded to four decimal places)
Therefore, Boris paid approximately 39 cents per pound for sugar.
This is well above the equilibrium price of sugar, which is 12 cents per pound when there is trade and 24 cents per pound without trade in the United States.