5. Draw a supply and demand curve for cups of coffee in Washingtonville, New York. Assume that the equilibrium price is $1 per cup and the equilibrium quantity is 2000 cups per day. What happens if the government decides to limit the price of a cup of coffee so no one can charge more than 50 cents per cup?

5. Draw a supply and demand curve for cups of coffee in Washingtonville, New York. Assume that the equilibrium price is $1 per cup and the equilibrium quantity is 2000 cups per day. What happens if the government decides to limit the price of a cup of coffee so no one can charge more than 50 cents per cup?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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