Consider the following supply and demand functions for copper:

\[ Q_S = -9 + 9P \]

\[ Q_D = 27 - 3P \]

Where $ Q_S $ = quantity supplied and $ Q_D $ = quantity demanded, both in million metric tons. $ P $ is the price of copper in dollars per pound. There are approximately 2,200 pounds in a metric ton.

Fill in the following:

- Market Equilibrium Price: [ Select ] ["3", "4", "1.5", "6"]

- Market Equilibrium Quantity: [ Select ] ["18", "12", "6", "12.5"]

- Aggregate Revenue for Copper Producers: [ Select ] ["$118,800 million", "$118,800 billion", "$54 million", "about $3.50"]

The market equilibrium price for copper is $3 per pound, the market equilibrium quantity is 18 million metric tons, and the aggregate revenue for copper producers is about $54 million.

Explanation:

To find the market equilibrium price and quantity, we need to set the QS and QD equations equal to each other and solve for P.

Given:

QS = – 9 + 9P
QD = 27 – 3P

Setting QS equal to QD:

-9 + 9P = 27 - 3P

Combining like terms:

12P = 36

Dividing both sides by 12:

P = 3

Substituting P = 3 back into either the QS or QD equation:

QS = -9 + 9(3) = 18

Therefore, the market equilibrium price is $3 per pound and the market equilibrium quantity is 18 million metric tons.

To calculate the aggregate revenue for copper producers, we multiply the market equilibrium price by the market equilibrium quantity:

Aggregate Revenue = $3 * 18 million metric tons = $54 million

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