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Assume that at a price of $2.00 per pound, the annual supply of coffee beans in...

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Basic Math

Assume that at a price of $2.00 per pound, the annual supply ofcoffee beans in Country A is 8 million pounds, while the demand is10 million pounds. At a price of $3.00 per pound, the supply is10.2 million pounds, and the demand is 8.6 million pounds. Assumethat the price-supply and price-demand equations are linear.

1. Write an equation for each (price on the y-axis)

2. Find the equilibrium point (point of interception of the twolinear equations)

3. Discuss the significance of the equilibrium point in thiscase

4. Graph the two equations in the same Cartesian system(upload)

Answer & Explanation Solved by verified expert
3.9 Ratings (637 Votes)
1 Let the supply equation be S abp where p is the price perpound of coffee beans S is the annual supply of coffee beans inthe country A and ab are arbitrary real numbersSince at a price of 200 per pound the annual supply of coffeebeans in Country A is    See Answer
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