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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?
Lab Exercise 1. Taco Del Mar has completed a study of weekly demand for its tacos in Washington State's regional markets. The study developed the following demand function: Q =
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how to define or interpret ppc curve
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all information about demand analysis
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