Figure 30-5 
-Refer to Figure 30-5. Suppose the Chinese government decides to abandon pegging the yuan to the dollar at a rate which undervalues the yuan. Using the figure above, the equilibrium exchange rate would be ________ and Chinese exports to the United States would ________ in price.
Definitions:
Income Elasticity
A measure of how much the demand for a good or service changes in response to changes in the consumer's income.
Inverse Demand Function
A function that represents the price of a good as a function of the quantity demanded.
Soybeans
A species of legume known for its edible bean, which has numerous uses including oil, meal, and livestock feed.
Total Revenue
The income that a company receives from selling its goods or services before any costs or expenses are subtracted.
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