2import demand (25 points)a) (10 points) draw a domestic market for sugar with a supply ofp=.2 +.1qs(note: price is per poundand quantity is measured in thousands of tons) and a demand ofp= 5−.2qd. b) (5 points) if the world price of sugar is $1.20, how much money do consumers spend on importedsugar? econ 333 hw 2page 2c) (5 points) if a tariff of $0.20/pound is imposed, how many pounds of sugar are imported? d) (5 points) draw the import demand curve for sugar in the domestic market. be sure to label youraxes and intercepts.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total