Only Parts 5, 6, and 7!

Name: Student ID: Section: ....... .--...._.-.L..-.-....1-.- Supply i...u.....i .I : I I I I I I I : I I I u. I- .F. l. n: J I I ' I I I I I I I I I I I _ ________________ L ______ I _________ L ________ L _________________ J__ I I I I I I I I I I I I I I I I I I _________________ _________: .................. Ir ........ u: ........ 1'- I I I I I I .................................................................. I I I I _________________________ l________J_________L________l________J__ : I I I I ..... 4\".-....-,.-.._____,____.____,.________,_____._.__________1._ I I I i 'I i i i i i 30 60 90 120 150 180 210 Quantity of Iced Co'ees Port 5: When consumers' average weekly income is $600, what is the equilibrium price of an iced coffee drink? The equilibrium quantity of iced coffee drinks? Port 6: When consumers' average weekly income is $1,500, what is the equilibrium price of an iced coffee drink? The equilibrium quantity of iced coffee drinks? Port 7: Based on your graph, are iced coffee drinks a normal or an inferior good? The weekly quantity demanded of iced coffee drinks, Q, is given by the following demand function: Q= 30- [30xP)+ [0.1xM), where P is the per-unit price of an iced coffee drink, and M is the average weekly income of consumers. Part 1: Suppose that consumers' average weekly income is $600. Use the demand function above to complete the demand schedule below. \" Coffees Demanded $1 Part2: Suppose that consumers' average weekly income is $600. In the space below, construct the demand curve for iced coffee drinks in black ink. Part 3: Suppose that consumers' average weekly income is $1,500. Use the demand function above to complete the demand schedule below. Quantity of Iced Coffees Demanded Part 4: Suppose that consumers' average weekly income is $1,500. In the space below, construct the demand curve for iced coffee drinks in blue ink. @2018 Pearson Education, Inc