Using the supply and demand functions below, derIve the demand and supply curves if Y = $55,000 and pe = $13. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q= 8.5-p+001Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars The coffee supply function is Q=96+0.5p - 0 2pc where p. is the price of cocoa in dollars per pound The equilibrium price of coffee is per pound and the equilibrium quantity is Q= millions of pounds per year (Enter your responses rounded to two decimal places)

Using the supply and demand functions below, derIve the demand and supply curves if Y = $55,000 and pe = $13. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q= 8.5-p+001Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars The coffee supply function is Q=96+0.5p - 0 2pc where p. is the price of cocoa in dollars per pound The equilibrium price of coffee is per pound and the equilibrium quantity is Q= millions of pounds per year (Enter your responses rounded to two decimal places)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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Using the supply and demand functions below, derive the demand and supply curves if Y=$55,000 and pc=$9. What is the equilibrium price and quantity of coffee? Part 2 The demand function for coffee is Q=8.5−p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars. The coffee supply function is Q=9.6+0.5p−0.2pc, where pc is the price of cocoa in dollars per pound.
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