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9. The local Chapel Hill government is very concerned with underage drinking and has decided to study this market. The demand for six-packs of beer
9. The local Chapel Hill government is very concerned with underage drinking and has decided to study this market. The demand for six-packs of beer in Chapel Hill is given by Q = 100 - 10P and the supply of six-packs of beer is given by Qs = 10P. a. Sketch a supply and demand diagram of the market for six-packs of beer in Chapel Hill. Be sure to label your curves, axes, intercepts, and calculate and label equilibrium P* and Q*. b. Assume UNC makes it mandatory for students to take the AlcoholEdu course offered by Student Wellness during their first week on campus AND the price of hops, a main ingredient in beer increases simultaneously. If both of these events change the quantity demanded/supplied by 20 at every price, show these changes graphically and find the new equilibrium price and quantity of six-packs of beer
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