Suppose That King Kanuta, Whom You Met in Your Workbook

question 45

Multiple Choice

Suppose that King Kanuta, whom you met in your workbook, demands that each of his subjects give him 1 coconut for every coconut that they consume.The king puts all of the coconuts that he collects in a large pile and burns them.The supply of coconuts is given by S(p_s) = 100p_s, where p_s is the price received by suppliers.The demand for coconuts by the king's subjects is given by D(p_d) = 1,500 - 100p_d, where p_d is the price paid by consumers.In equilibrium, the price received by suppliers will be

• A)$6.
• B)$9.
• C)$7.50.
• D)$15.
• E)None of the above.

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