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I have completed the table, just need help with the following A-E Total possible points: 130 points Q1. Using the individual demand schedules and the

I have completed the table, just need help with the following A-E

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Total possible points: 130 points Q1. Using the individual demand schedules and the supply schedule shown below, (25 pts.) Daily Demand and Supply Schedule for Coffee Price Michael Sally John Total Total Demand Supply $7 1 0 0 10 $6 2 0 8 $5 3 N 1 6 $4 4 3 2 4 $3 5 4 4 13 0 $2 6 5 10 21 0 a. calculate total market demand for coffee (2); b. graph the market supply and market demand curves; indicate the equilibrium price and quantity on the appropriate axes. Be sure to properly label all parts of the graph (6); c. compute Total Market Revenue at equilibrium (3). d. Using the mid-point equation, calculate the price elasticity of demand for the market demand curve for a change from the equilibrium price to $4.00 (show the equation and all calculations) (5). Is the demand curve elastic or inelastic for this price change? (1) e. If another firm (competitor) enters this market so that 5 additional units are produced at each price above $2, explain what would happen to the equilibrium price, equilibrium quantity and the total market revenue and why (5). Add the new market supply curve to your original graph and indicate the new equilibrium price and quantity on the appropriate axes (3)

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