Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and p. = $16. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q= 8.5-p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, pis 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= 9.6 + 0.5p - 0.2pc- where p, is the price of cocoa in dollars per pound. The equilibrium price of coffee is p= S 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 p. = $16. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q= 8.5-p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, pis 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= 9.6 + 0.5p - 0.2pc- where p, is the price of cocoa in dollars per pound. The equilibrium price of coffee is p= S per pound and the equilibrium quantity is Q=millions of pounds per year. (Enter your responses rounded to two decimal places.)

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1WNG

See similar textbooks

Similar questions

Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and p. =$14. What is the equilibrium price and quantity of coffee? The demand function for coffee is Q = 8.5 -p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars. The coffee supply function is Q = 9.6 + 0.5p – 0.2pc. where p, is the price of cocoa in dollars per pound. The equilibrium price of coffee is p=$ per pound and the equilibrium quantity is Q = millions of pounds per year. (Enter your responses rounded to two decimal places.)
Using the supply and demand functions below, derive the demand and supply curves if Y=$55,000 and pc=$9. What is the equilibrium price and quantity of coffee? Part 2 The demand function for coffee is 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 thousands of dollars. The coffee supply function is Q=9.6+0.5p−0.2pc, where pc is the price of cocoa in dollars per pound.
Using the supply and demand functions below, derive the demand and supply curves if Y=$55,000 and pc=$13. What is the equilibrium price and quantity of coffee? Part 2 The demand function for coffee is Q=8.5−p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars. The coffee supply function is Q=9.6+0.5p−0.2pc, where pc is the price of cocoa in dollars per pound. Part 3 The equilibrium price of coffee is p=$enter your response here per pound and the equilibrium quantity is Q=enter your response here millions of pounds per year. (Enter your responses rounded to two decimal places.)
Suppose that the demand curve for corn has the equation p = -0.29q+6.265 and the supply curve for corn has the equation p = 0.2q +2.1, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $3.40 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $3.40 is (Round to the nearest whole number as needed.) billion bushels.
Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $5.50, and the equilibrium quantity is 37.0. When the price is $8.75, the quantity supplied of coffee is 69.0 and the quantity supplied of hot cocoa is 101.0101.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimal places.
The weekly demand for wine in the United States is described by the following equation: Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation: Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars. a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.
A certain manufacturer has determined that the weekly demand and supply functions for their product are given by the equations: supply: p=-2x² +80 demand: p = 15x+30 where z represents the quantity demanded in units of a thousand and p is the unit price in dollars. Find the market equilibrium (equilibrium price and equilibrium quantity).
Consider the demand function for processed pork in Canada, Q = 171 - 20p + 20p, + 3p, + 0.002Y where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, Ph is the price of beef, Pc is the price of chicken, and Y is the income of consumers. If per capita income, Y, increases by $180 a year, then the quantity demanded changes by million kg. per year. (Enter a numeric response using a real number rounded to two decimal places.) 30 tv MacBook Air 80 DII DD esc F1 F2 F3 F4 F6 F7 F8 F9 F10 FY @ $ & 1 4 7 8 9 %3D Q W E R Y tab A D F H J K L * 3
Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $⁢3.50, and the equilibrium quantity is 31.0. When the price is $10.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
At a price of $4.61 per pound, the supply for cherries is 16,107 pounds, and the demand is 10,362 pounds. When the price drops to $4.18 per pound, the supply decreases to 10,789 pounds and the demand increases to 12,724 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price?
Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
Suppose that there is an increase in the equilibrium price (=rent) and quantity (=units rented) of condos in Santa Barbara. Which of the following could be the cause of this change? The demand for condos increased and the supply did not change. The supply of condos increased and the demand for condos did not change. Both the demand and supply of condos decreased. Both the demand and the supply for condos increased and supply increased by more than the demand.