E. Table below shows the demand schedules for coffee for Ahmed and Ibrahim and the supply schedules for Yusoff and Mahmood. i. ii. Quantities demanded and supplied for coffee Ahmed Ibrahim Price $2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 0 1 2 3 4 5 6 7 8 1 246 2 4 6 8 10 12 14 16 Yusoff 16 14 12 10 8 6 4 2 1 Mahmood 19 17 15 13 11 9 7 5 3 Calculate the market demand and supply for coffee. What are the equilibrium price and quantity? Suppose Yusoff experience equipment problems and therefore he could only produce one cup of coffee at any level of prices. What would be the equilibrium price and equilibrium quantity now?
E. Table below shows the demand schedules for coffee for Ahmed and Ibrahim and the supply schedules for Yusoff and Mahmood. i. ii. Quantities demanded and supplied for coffee Ahmed Ibrahim Price $2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 0 1 2 3 4 5 6 7 8 1 246 2 4 6 8 10 12 14 16 Yusoff 16 14 12 10 8 6 4 2 1 Mahmood 19 17 15 13 11 9 7 5 3 Calculate the market demand and supply for coffee. What are the equilibrium price and quantity? Suppose Yusoff experience equipment problems and therefore he could only produce one cup of coffee at any level of prices. What would be the equilibrium price and equilibrium quantity now?
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 21P
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