In a small coastal city, the price of coffee per pound affects both the demand and supply within the local market. When the price is $2.00 per pound, the demand in the city is for 3.5 thousand pounds of coffee, and the local suppliers are willing to provide 1.5 thousand pounds. However, when the price increases to $3.00 per pound, the demand decreases to 2 thousand pounds, while the supply rises to 2.25 thousand pounds. Assuming that the relationship between supply and demand is linear, a. determine the equilibrium price. The equilibrium price is $ type your answer... b. determine the equilibrium quantity. The equilibrium quantity is type your answer... per pound pounds of coffee.

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