Question

Assume the U.S. is a small importing country in the market for flip-flops. It produces flip-flops domestically, and also imports them from the rest of the world, where the market price for flip-flops is $7 per pair. In the U.S., supply and demand equations for flip-flops are:

Answer 1

QS= 10PUS

QD= 105 - 7PUS

Step-by-step explanation:

The solution goes thus:

Given the question above, the supply and demand equations for flip-flops are:

QS= 10PUS

QD= 105 - 7PUS

Where:

QS & QD represent the quantity of flip-flops supplied and quantity demanded, respectively, in thousands of pairs per week;

Also, P represents the price per pair of flip-flops.

Answer 2

Supply and Demand equations for flip-flops are:

Q^s= 10Pus

Q^d= 105 - 7Pus

Where:

Q^s & Q^d are the quantity of flip-flops supplied and demanded, respectively, in thousands of pairs per week;

P is the price per pair of flip-flops.