homework 1 - Chris Mullins Homework 1 1 A I would expect...

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Chris Mullins 1/18/2008 Homework 1 1. A) I would expect the per person demand curve to be upward sloping. The demand for wood products to individuals is relatively unchanging. People need certain amount, and then at some point price because almost irrelevant which is where the curve would drop off. The two countries will have similar curves. B) The aggregate demand curves for the two countries will be downward sloping. The countries curves will vary slightly on the quantity demanded due to the difference in population. C) The aggregate supply curves between the countries will both be downward sloping. The suppliers will be willing to supply less at lower prices. Canada will have a greater supply than the US due to more productive forest land. D) Given the information I expect the price of wood in the two countries to be different. Canada has more supply and less demand which will result in a lower price than the US which has less supply and more demand.
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