demand function, Q = 8.56 - p - 0.3ps + 0.1Y, and the supply function, Q = 9.6 + 0.5p - 0.2pc, for coffee, determine the equilibrium price and quantity of coffee if Y = $55,000, ps = 0.20, and pc = $5.

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03-11-2022
Business

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demand function, Q = 8.56 - p - 0.3ps + 0.1Y, and the supply function, Q = 9.6 + 0.5p - 0.2pc, for coffee, determine the equilibrium price and quantity of coffee if Y = $55,000, ps = 0.20, and pc = $5.

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