Question

The country of Rainbows exports seeds to the country of Farmington. Information for the quantity demanded (Qd) and the quantity supplied (Qs) for each country, in a world without trade, are given in the tables below.

Price ($) Qd Qs
40 150 120
50 130 130
60 110 150
70 100 170
80 90 180
Farmington:
Price ($) Qd Qs
40 310 190
50 300 220
60 290 250
70 280 280
80 270 310
What is the equilibrium price and quantity for each country?

Answer 1

Rainbows :

Equilibrium price : $50

Equilibrium quantity: 130

Farmington

Equilibrium price : $70

Equilibrium quantity: 280

Step-by-step explanation:

Equilibrium price is the price where the quantity demanded equals the quantity supplied.

Equilibrium quantity is the quantity at which quantity demanded is equal to the quantity supplied.

I hope my answer helps you