Suppose the market demand for a cup of cappuccino is given by QD=24-4P and the market supply for a cup of cappuccino is given by Qs = 8P-12, where P = price (per cup). Graph the supply and demand schedules for cappuccino. 1.) Using the line drawing tool, draw the demand curve for cappuccino. Label your line 'D'. 2.) Using the line drawing tool, draw the supply curve for cappuccino. Label your line 'S'. 3.) Using the point drawing tool, plot the equilibrium price and quantity. Label your point 'E'. Carefully follow the instructions above and only draw the required objects. Price per cup (3) 10.50 9.00 7.50 6.00 4.50 3.00 1.50 Market for Cappuccino 12 15 18 21 Cups of cappuccino 24

Suppose the market demand for a cup of cappuccino is given by QD=24-4P and the market supply for a cup of cappuccino is given by Qs = 8P-12, where P = price (per cup). Graph the supply and demand schedules for cappuccino. 1.) Using the line drawing tool, draw the demand curve for cappuccino. Label your line 'D'. 2.) Using the line drawing tool, draw the supply curve for cappuccino. Label your line 'S'. 3.) Using the point drawing tool, plot the equilibrium price and quantity. Label your point 'E'. Carefully follow the instructions above and only draw the required objects. Price per cup (3) 10.50 9.00 7.50 6.00 4.50 3.00 1.50 Market for Cappuccino 12 15 18 21 Cups of cappuccino 24

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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