Microeconomics,, 16th Canadian Edition

$3.90 per kilogram. Explain the outcome in the world
coffee market.
17. Assume you have the following information for the global market
for agricultural commodity X. For each scenario, use demand and
supply analysis to provide a likely explanation for the change in
market equilibrium. The prices are per bushel and the quantities
are millions of bushels.

Scenario August 2018 August 2019

a.

b.

c.

d.

18. This question requires you to solve a supply-and-demand model
    algebraically. Letting p be the price of the product, suppose the
    demand and supply functions for some product are given by

a. Plot both the demand curve and the supply curve.

p∗=$ 142 Q∗= 315 p∗=$ 180 Q∗= 315

p∗=$ 142 Q∗= 315 p∗=$ 128 Q∗= 360

p∗=$ 142 Q∗= 315 p∗=$ 135 Q∗= 275

p∗=$ 142 Q∗= 315 p∗=$ 142 Q∗= 400

QD = 100 − 3 p

QS = 10 + 2 p