Imports and Market Supply. Two nations supply sugar to the world market. Lowland has a minimum supply price of 10 cents per pound, while Highland has a minimum supply price of 24 cents per pound. For each nation, the slope of the supply curve is 1 cent per million pounds.
a. Draw the individual supply curves and the market supply curve. At what price and quantity is the supply curve kinked?
b. The market quantity supplied at a price of 15 cents is million pounds. The market quantity supplied at a price of 30 cents is million pounds.