1. Copper Price Elasticity of Supply. Suppose the price of copper increases from $1,500 to $2,500 per ton and the quantity supplied increases from 9 million tons to 11 million tons. Use the midpoint...

1. Copper Price Elasticity of Supply. Suppose the price of copper increases from $1,500 to $2,500 per ton and the quantity supplied increases from 9 million tons to 11 million tons. Use the midpoint formula to compute the price elasticity of supply for copper.

2. Sugar Import Ban. Suppose that initially there are no controls on sugar imported into the United States, so the price paid in the United States equals the prevailing world price.

a. If the world price is 13 cents per pound, what areas of the world supply sugar to the world market and the United States?

b. Suppose the United States bans sugar imports. The new price of sugar will be at least $
 .