E31 @ fx A B C D E F G H J K L M N Price June Jose Julia Jackson Oprea CofGarratt'sBedard BeMarket DeMarket SuNew Market Supply 0. 25 38 47 68 85 51000 100750 31500 183250 274875 0. 5 36 44 64 80 52000 101500 33000 186500 279750 0. 75 34 41 60 75 53000 102250 34500 189750 284625 1 32 39 56 70 54000 103000 36000 193000 289500 1. 25 29 36 52 65 55000 103750 37500 196250 294375 INGOOD JOUAWN 1. 5 27 33 48 60 56000 104500 39000 199500 299250 1. 75 25 30 44 55 57000 105250 40500 202750 304125 23 28 40 50 58000 106000 42000 206000 309000 2. 25 20 25 36 45 59000 106750 43500 209250 313875 2. 5 18 22 32 40 60000 107500 45000 212500 318750 2. 75 16 19 28 35 61000 108250 46500 215750 13 323625 3 14 17 24 30 62000 109000 48000 219000 14 328500 3. 25 11 14 20 25 63000 109750 49500 222250 333375 15 3. 5 9 11 16 20 64000 110500 51000 225500 338250 16 3. 75 7 8 12 15 65000 111250 52500 228750 343125 17 4 8 10 66000 112000 54000 232000 348000 18 19 20 Element 1Jackson 21 Element 2Bedard Beans 22 Element 6a min 23 Element 6a max 24 Element 6b min 25 Element 6b max 26 Element 9a min 27 Element 9a max 28 Element 9b min 29 Element 9b max 30 21 32 33(3) Calculate market demand. To do this, assume that 4000 people on campus have demand functions that look like Junes', including June, 3000 people have demand functions that look like Jose, 2000 like Julia, and 1000 like Jackson. Report Market Demand in column ] in cells 12 through J17. (4) Calculate market supply. Remember that these are the only three coffee sellers on campus. Report Market Supply in column K in cells K2 through K 17.(6) Using the data in column J, in which quantity range does Market Supply cross Market Demand if we define everything based on Market Demand quantities? a. Report the minimum of the quantity range in cell B22 and the maximum of the quantity range in B23. b. Based on this quantity range, what is the minimum and maximum of the price range at which Market Supply crosses Market Demand? Report the minimum of the price range in cell B24 and the maximum of the price range in B25. (7) Now imagine that there is a bumper coffee bean crop in South America that lowers price of coffee beans such that Market Supply increases by 50% at every price. Calculate this and report the New Market Supply in in Column L in cells L2 through L17. This column is titled New Market Supply.(9) Using the data in column J, in which quantity range does New Market Supply cross Market Demand if we continue to define everything based on Market Demand quantities? a. Report the minimum of the quantity range in cell B26 and the maximum of the quantity range in B27. b. Based on this quantity range, what is the minimum and maximum of the price range at which New Market Supply crosses Market Demand? Report the minimum of the price range in cell B28 and the maximum of the price range in B29