The table below represents the quantity of rice demanded for selected countries.

Question

The table below represents the quantity of rice demanded for selected countries. Quantity of Rice Demanded (millions of metric tons) Price (U.S. dollars per metric ton) $600 500 400 300 200 Japan Taiwan South Korea Market Total 0.5 1.0 1.5 2.0 10 9 Instructions: Round your answers to 1 decimal place a. Fill in the market quantity of rice demanded (column Marke") for each given price. b. What is the quantity of rice demanded in the market (in millions of metric tons) if the ma -- million metric tons

Explanation / Answer

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Solution (a) Quantity of Rice Demanded (millions of metric tonnes ) Price ($ per MT) Japan Taiwan South Korea Total Demand of market 600 6 0 1 7 (6+0+1) 500 7 0.5 3 10.5 (7+0.5+3) 400 8 1 5 14 (8+1+5) 300 9 1.5 7 17.5 (9+1.5+7) 200 10 2 9 21 (10+2+9) Solution (b) The quantiy of rise demand in the market when market price is $400 per MT is Total Market demand = 14 MT

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