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

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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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.)
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