Using the supply and demand functions below, derIve the demand and supply curves if Y = $55,000 and pe = $13. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q= 8.5-p+001Y, 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 thousands of dollars The coffee supply function is Q=96+0.5p - 0 2pc where p. is the price of cocoa in dollars per pound The equilibrium price of coffee is per pound and the equilibrium quantity is Q= millions of pounds per year (Enter your responses rounded to two decimal places)
Using the supply and demand functions below, derIve the demand and supply curves if Y = $55,000 and pe = $13. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q= 8.5-p+001Y, 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 thousands of dollars The coffee supply function is Q=96+0.5p - 0 2pc where p. is the price of cocoa in dollars per pound The equilibrium price of coffee is per pound and the equilibrium quantity is Q= millions of pounds per year (Enter your responses rounded to two decimal places)
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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4.
![Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and p. = $13. What is the
equilibrium price and quantity of coffee?
The demand function for coffee is
Q= 8.5-p+001Y,
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 thousands of dollars.
The coffee supply function is
Q=96+0.5p - 0 2pc
where p, is the price of cocoa in dollars per pound.
The equilibrium price of coffee is
p= $ per pound
and the equilibrium quantity is
Q= millions of pounds per year.
!!
(Enter your responses rounded to two decimal places )](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd25fe9de-cc64-4da1-bc6f-50a32221e42f%2F4a22240c-79ea-4ea2-8f2c-b4299e33e3e2%2Fwgtpzuc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and p. = $13. What is the
equilibrium price and quantity of coffee?
The demand function for coffee is
Q= 8.5-p+001Y,
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 thousands of dollars.
The coffee supply function is
Q=96+0.5p - 0 2pc
where p, is the price of cocoa in dollars per pound.
The equilibrium price of coffee is
p= $ per pound
and the equilibrium quantity is
Q= millions of pounds per year.
!!
(Enter your responses rounded to two decimal places )
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