1) The demand function is Q 5,000-10p, and the supply function is Q = 200+ 6p. Determine the equilibrium price and quantity. 2) Use supply-and- demand diagrams to illustrate the qualitative effect of the following possible shocks on the world coffee market. a) A new study shows significant health benefits from drinking coffee. b) An important new use for cocoa is discovered. c) A recession causes a decline in per capita income. d) A new coffee plant that allows for much greater output or yield without increasing cost is introduced into the market.

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