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Questions 1. Suppose that the supply schedule ofEthiopian coffee beans is as follows: Table 1 Price ofEthiopian coffee beans (per pound) Quantity ofEthiopian coffee beans
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1. Suppose that the supply schedule ofEthiopian coffee beans is as follows:
Table 1
Price ofEthiopian coffee beans (per pound) | Quantity ofEthiopian coffee beans supplied (pounds) |
$4.00 | 6,000 |
$3.50 | 5,000 |
$3.00 | 4,000 |
$2.50 | 3,000 |
$2.00 | 2,000 |
Suppose thatEthiopian coffee beansare only being sold in Brazil. The domestic Brazilian demand schedule forEthiopian coffee beans is as follows:
Table 2
Price ofEthiopian coffee beans (per pound) | Quantity ofEthiopian coffee beans demanded byBrazilians (pounds) |
$4.00 | 1,000 |
$3.50 | 2,500 |
$3.00 | 4,000 |
$2.50 | 5,000 |
$2.00 | 7,000 |
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