Consider the estimated demand function for coffee 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 dollars. Use algebra (or calculus) to show how the demand curve shifts as per capita income, Y, increases by $1,900 a year. Illustrate this shift in a diagram. If per capita income, Y, increases by $1,900 a year, then the quantity of coffee demanded changes by million pounds per year. (Enter your response rounded to one decimal place.)

Consider the estimated demand function for coffee 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 dollars. Use algebra (or calculus) to show how the demand curve shifts as per capita income, Y, increases by $1,900 a year. Illustrate this shift in a diagram. If per capita income, Y, increases by $1,900 a year, then the quantity of coffee demanded changes by million pounds per year. (Enter your response rounded to one decimal place.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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