Microeconomics,, 16th Canadian Edition

this market.

Price (per

kilogram)

Quantity

Demanded

Quantity

Supplied

(millions of kilograms per year)

$2.00 28

$2.40 26

$2.60 24

$3.50 19.5 19.5

$3.90 17

$4.30 14.5 23.5

a. Plot the demand and supply schedules on a diagram.

b. Identify the amount of excess demand or supply

associated with each price.

c. Identify the equilibrium price in this market.

d. Suppose that a collection of national governments were

somehow able to set a minimum price for coffee equal to