Certainly! Let's solve this step by step.
### a. Fill in the Market Quantity of Rice Demanded
To determine the market total for each price level, we need to sum the quantities demanded by Japan, Taiwan, and South Korea for each given price. We will then round the total to one decimal place.
#### Price = [tex]$600
- Japan: 6
- Taiwan: 0
- South Korea: 1
- Market Total = 6 + 0 + 1 = 7.0
#### Price = $[/tex]500
- Japan: 7
- Taiwan: 0.5
- South Korea: 3
- Market Total = 7 + 0.5 + 3 = 10.5
#### Price = [tex]$400
- Japan: 8
- Taiwan: 1
- South Korea: 5
- Market Total = 8 + 1 + 5 = 14.0
#### Price = $[/tex]300
- Japan: 9
- Taiwan: 1.5
- South Korea: 7
- Market Total = 9 + 1.5 + 7 = 17.5
#### Price = [tex]$200
- Japan: 10
- Taiwan: 2
- South Korea: 9
- Market Total = 10 + 2 + 9 = 21.0
So, the completed table with the Market Total column filled in looks like this:
\begin{tabular}{|c|c|c|c|c|}
\hline \multicolumn{4}{|c|}{ Quantity of Rice Demanded (millions of metric tons) } \\
\hline \begin{tabular}{l}
Price (U.S. \\
dollars per \\
metric ton)
\end{tabular} & Japan & Taiwan & South Korea & Market Total \\
\hline$[/tex]\[tex]$ 600$[/tex] & 6 & 0 & 1 & 7.0 \\
\hline 500 & 7 & 0.5 & 3 & 10.5 \\
\hline 400 & 8 & 1 & 5 & 14.0 \\
\hline 300 & 9 & 1.5 & 7 & 17.5 \\
\hline 200 & 10 & 2 & 9 & 21.0 \\
\hline
\end{tabular}
### b. Market Demand When Price is [tex]$40
From the given data, there is no information about the quantities demanded at the price of $[/tex]40. Therefore, it is not possible to determine the market quantity demanded at [tex]$40 with the provided information.
So, the quantity of rice demanded in the market if the price is $[/tex]40 is not determinable with the current data.
Completed Answer:
- a. The market quantity of rice demanded for each given price:
- [tex]$600: 7.0 million metric tons
- $[/tex]500: 10.5 million metric tons
- [tex]$400: 14.0 million metric tons
- $[/tex]300: 17.5 million metric tons
- [tex]$200: 21.0 million metric tons
- b. The quantity of rice demanded in the market if the market price is $[/tex]40: Not determinable.
This concludes the problem-solving process with clear step-by-step explanations following the instructions.
