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Consider the following demand and supply schedules for coffee:

Price per cup Quantity demanded (cups) Quantity supplied (cups)
$9 2 10
$7 4 8
$5 6 6
$3 8 4
$1 10 2

What is the price when the market is in equilibrium?

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Ronaldo Mendoza
Ronaldo MendozaLv10
7 Sep 2020

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Related questions

Lise the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU Quantity Supplied cups of coffee per day) Quantity Demanded (cups of coffee per day) 1,200 1,100 1,000 200 Price (dollars per cup) 0.70 0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 900 800 700 600 500 400 400 600 800 1,000 1,200 1,400 1,600 16) Refer to Table 3.5.2. A premature frost destroys half the coffee trees and the supply of coffee is cut in half. The new equilibrium price is $_ and the new equilibrium quantity is 2 cups a day A) 1.20,700 B) 1.30; 600 C) 0.90; 400 D) 1.30; 500 E ) 1.50; 400

Use the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU Quantity Demanded (cups of coffee per day) 1,200 Quantity Supplied (cups of coffee per day) 0 1,100 Price (dollars per cup) 0.70 0.80 0.90 1.00 1.10 1.20 1,000 900 800 200 400 600 800 1,000 1,200 1,400 1,600 700 600 500 1.30 1.40 1.50 400 35) Refer to Table 3.5.2. A premature frost destroys half the coffee trees. This change would be represented as a A) rightward shift of the demand curve. B) leftward shift of the supply curve. C) movement down along the supply curve. D) rightward shift of the supply curve. E) leftward shift of the demand curve.

6. The demand for a tennis racket is given by P = 300 - 2QD. The supply is P = 60 + QS. What are the equilibrium price and output?

A. $80, 140

B. $140, 80

C. $300, 240

D. $250, 100

E. $300, 160

7. Assume that at the current market price is $4 per cup of coffee, you are willing and able to buy 30 cups. Last month at a price of $4 per cup, you would have purchased 20 cups. What has most likely happened over the last month?

A. Supply has decreased

B. Quantity supplied has increased

C. Demand has decreased

D. Supply has increased

E. Demand has increased 

8. In the figure below, which graph represents what would happen if there was an increase in the price of the metal used in the production of a bike?

A. A

B. B

C. C

D. D

E. Both [C] and [E] would happen

9. If the price elasticity of supply = 2.5 and price decreases by 3 percent, then

A. supply will decrease by 75 percent

B. total output will increase

C. quantity supplied will increase by 83 percent

D. quantity supplied will increase by 1.2.

E. quantity supplied will decrease by 7.5 percent

10. When the price increases from $4 to $6 and the quantity demanded decreases by 2 units, the price elasticity of demand is 

A. -25

B. -1.5

C. -1

D. -2.5

E. Cannot be determined from the information given

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