Cups of Coffee $6 $5 $4 $3 Demand $2 Osupply $1 $0 Quantity 1. According to the graph above, what is the equilibrium price? 2. According to the graph above, what is the equilibrium quantity? 3. If the price is $5, how many cups of coffee will consumers wish to purchase? 4. If the price is $5, how many cups of coffee will producers wish to sell? 5. Will this result in a surplus or shortage of cups of coffee? 6. If the price is $1, how many cups of coffee will consumers wish to purchase? 7. If the price is $1, how many cups of coffee will producers wish to sell? 8. Will this result in a surplus or shortage of cups of coffee? Price 001
Cups of Coffee $6 $5 $4 $3 Demand $2 Osupply $1 $0 Quantity 1. According to the graph above, what is the equilibrium price? 2. According to the graph above, what is the equilibrium quantity? 3. If the price is $5, how many cups of coffee will consumers wish to purchase? 4. If the price is $5, how many cups of coffee will producers wish to sell? 5. Will this result in a surplus or shortage of cups of coffee? 6. If the price is $1, how many cups of coffee will consumers wish to purchase? 7. If the price is $1, how many cups of coffee will producers wish to sell? 8. Will this result in a surplus or shortage of cups of coffee? Price 001
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
I need help with 7 and 8
![Directions: Use the graphs to answer the questions that follow.
Cups of Coffee
$6
$5
$4
$3
"Demand
$2
Supply
$1
$0
Quantity
According to the graph above, what is the equilibrium price?
2. According to the graph above, what is the equilibrium quantity?
3. If the price is $5, how many cups of coffee will consumers wish to purchase?
4. If the price is $5, how many cups of coffee will producers wish to sell?
5. Will this result in a surplus or shortage of cups of coffee?
6. If the price is $1, how many cups of coffee will consumers wish to purchase?
7. If the price is $1, how many cups of coffee will producers wish to sell?
8. Will this result in a surplus or shortage of cups of coffee?
Price](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb96eef8a-fe71-470d-ab50-1de092888d9f%2Fa20f4c10-bcc3-4627-a81c-87887f1c83fc%2Fxql9utc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Directions: Use the graphs to answer the questions that follow.
Cups of Coffee
$6
$5
$4
$3
"Demand
$2
Supply
$1
$0
Quantity
According to the graph above, what is the equilibrium price?
2. According to the graph above, what is the equilibrium quantity?
3. If the price is $5, how many cups of coffee will consumers wish to purchase?
4. If the price is $5, how many cups of coffee will producers wish to sell?
5. Will this result in a surplus or shortage of cups of coffee?
6. If the price is $1, how many cups of coffee will consumers wish to purchase?
7. If the price is $1, how many cups of coffee will producers wish to sell?
8. Will this result in a surplus or shortage of cups of coffee?
Price
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