Question: Using the demand function, 12-P, and the supply function, 9 0.5P, for coffee, 1. Determine the equilibrium price and quantity of coffee if Y=$55, ps=0.20, and pc=$5. 2. Draw the demand and supply curves and illustrate this equilibrium in a diagram. 3. Cross price and income elasticityUsing the demand function, 12-P, and the supply function, 9 0.5P, for coffee,

1. Determine the equilibrium price and quantity of coffee if Y=$55, ps=0.20, and pc=$5.

2. Draw the demand and supply curves and illustrate this equilibrium in a diagram.

3. Cross price and income elasticity

According to the given demand funct…View the full answer

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