Draw and label demand curve for a cup of coffee for consumer, Microeconomics

Assignment Help:

Suppose the demand curve for a consumer for coffee is:

Q = 6 - 2P,

where Q represents the number of cups per day and P is the price of coffee per cup.

1. Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup.

- Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to specify the intercept of the demand curve for each of the axes).

- How many cups would she drink a day and how much would she spend a day at coffee shop 1? Explain your answer and illustrate it on the graph. Hint: I would draw the incremental price of drinking a cup of coffee at the shop to show the number of cups the consumer chooses.

- What is the consumer surplus and the average price per cup?

Related Discussions:- Draw and label demand curve for a cup of coffee for consumer

When can i order strippers, like yah when pussy

like yah when pussy

Rational producer, would a rational producer be concerned with the average ...

would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?

Price determination explain briefly about it by then, about the price deter...

about the price determination with the held of diagramatic explanation numerical explanation related to the concept

Demand, #questASSIGNMENT #1 The demand function for Product X is given by: ...

#questASSIGNMENT #1 The demand function for Product X is given by: Qdx = 80- 2Px- 0.05P²x -0.2Py + 4Pz + 0.01I+ 2A Where: Px Price of good X $120.00 Py Price of related good y $100

Law of diminishing marginal utility, law of diminishing marginal utility it...

law of diminishing marginal utility its assumptions, limitation, and its practical importance

Elasticity, What are the uses of elasticity’s to the public sector and priv...

What are the uses of elasticity’s to the public sector and private sector?

Using the Keynesian income-expenditure model analyse the imp, any ideas?

any ideas?

Slutsky theorem - graphical presentation, Slutsky's Theorem: Graphica...

Slutsky's Theorem: Graphical Presentation We prove here that own price effect is the sum of own substitution effect and income effect for a price change, which is known

Equilibrium exchange rate, Equilibrium Exchange Rate: The theory of ex...

Equilibrium Exchange Rate: The theory of exchange rate determination explains how demand and supply of foreignexchange interact and jointly determine the equilibrium exchange

Kinky demand curve, explane a kinky demand curve model

explane a kinky demand curve model

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages