Using the supply and demand functions below, derive the demand and supply curves if

Y=$55,000

and

pc=$11.

What is the equilibrium price and quantity of coffee? Part 2 The demand function for coffee is

Q=8.5p+0.01Y,

Where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars. The coffee supply function is

Q=9.6+0.5p0.2pc,

where

pc

is the price of cocoa in dollars per pound. Part 3 The equilibrium price of coffee is

p=$?

per pound and the equilibrium quantity is

Q=?

millions of pounds per year.(Enter your responses rounded to two decimal places.)