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Calculating equilibrium price and quantity.

The yearly demand for coffee by the U.S consumers is Q = 250 -10P. The world producers can harvest and ship coffee to U.S. distributers at a constant marginal (=average) cost of $8 per pound. The U.S. distributors can in turn distribute coffee for a constant $2 per pound. The U.S. coffee is competitive. Congress is considering a tariff on coffee imports of $2 per pound.

If there is no tariff, describe how much do consumers pay for a pound of coffee? What is the quantity demanded?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917872

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