The Coffee Market Price Per Pound Quantity Demanded Quantity Supplied $2.00 25 0 $3.00 20 3...
- The Coffee Market
|
Price Per Pound |
Quantity Demanded |
Quantity Supplied |
|
$2.00 |
25 |
0 |
|
$3.00 |
20 |
3 |
|
$4.00 |
12 |
5 |
|
$5.00 |
10 |
10 |
|
$6.00 |
6 |
15 |
|
$7.00 |
3 |
20 |
- Graph the supply and demand curves above on a market model.
- What would be the equilibrium price in the market? Show this on your market model.
- If the price was set at $3.00, what would you observe in the coffee market? Show this situation on your market model.
Homework Answers
Answer
a)
To graph the model we will place the points on the curves and join it as follows.
B)
The equilibrium is at Qd=Qs=10 units where P=$5
C)
P=$3
Qd=20 and Qs=3 units
Qd>Qs so there is a shortage
Shortage =Qd-Qs=20-3=17 units
Add Answer to:
The Coffee Market
Price Per Pound
Quantity Demanded
Quantity Supplied
$2.00
25
0
$3.00
20
3...
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