What is the yearly demand for coffee by us consumers

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The United States currently imports all of its coffee. The yearly demand for coffee by U.S. consumers is given by the demand curve QD=250-10P, where Q is quantity (in millions of pounds) and P is the market price per pound of coffee. World producers can harvest and ship coffee to U.S. distributors at a constant marginal (=average) cost of $8 per pound. U.S distributors can in turn distribute coffee for a constant $2 per pound. The U.S coffee market is competitive. Congress is considering a tariff on coffee imports of $2 per pound.

Reference no: EM1352580

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