The Stoogeville Market for Fresh Coffee The Situation: In this particular market for coffee, there are only three consum

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The Stoogeville Market for Fresh Coffee The Situation: In this particular market for coffee, there are only three consumers and three producers. Your Assignment: Complete the tables below by printing this page and then calculating total market demand and total market supply. It is strongly suggested that you take some graph paper and plot demand and supply curves for this market. It is not absolutely necessary to plot the graphs to answer the questions, but it is a very useful exercise to make sure you understand the concepts. The Market for Coffee - The Demand Side Quantities of Coffee Demanded by Each Household at Different Possible Prices Price Individual Demands of each Buyer Larry Curly Мое Total Market Demand
Price $2.00 $1.90 $1.80 $1.70 $1.60 $1.50 $1.40 $1.30 $1.20 $1.10 $1.00 Individual Demands of each Buyer Curly Larry 0 2 1 1 2 2 3 3 4 4 0 0 0 1 1 2 2 3 3 3 Moe 1 2 4 5 6 7 8 9 10 11 Total Market Demand
The Market for Coffee - The SUPPLY Side Quantities of Coffee supplied by Each firm at Different Possible Prices Price $2.00 $1.90 $1.80 $1.70 $1.60 $1.50 Individual Supply of each Seller Shemp's Cup'o'] 00 8 7 6 5 4 3 oe 9 8 00 7 6 5 4 Ted's 8 7 6 5 4 3 Total Market Supply
$2.00 $1.90 $1.80 Snemps supe 8 00 7 6 $1.70 $1.60 $1.50 $1.40 2 $1.30 1 $1.20 $1.10 $1.00 5 4 3 0 0 0 g oe 9 8 7 6 5 4 3 2 2 1 1 Ted's 8 7 6 5 4 3 2 1 0 0 0 supply
1. If the market price is $1.80, how many people will buy coffee? 2. How many units of coffee will be supplied to the market if the price is $1.60? 3. What will the equilibrium price of coffee be in this market? 4. Given the equilibrium price you noted in the previous question, how many units of coffee will actually be sold and purchased? 5. Again, assuming equilibrium in the market, how many units of coffee will Moe consume? 6. Again, assuming equilibrium exists in the market, how much total money will Moe spend on coffee? 7. For this question, assume that a fire has destroyed the Cup'o'Joe place of business, eliminating Joe's ability to provide coffee to the market. What will the new equilibrium market price be? 8. Assume the fire described in the previous question has occurred and that the market is now without Cup'o' Joe as a supplier. This event has shifted the market supply curve which way? TIPS: . Remember people can't buy something that hasn't been supplied. And likewise, a firm can't sell something if nobody wants to buy it. . At the equilibrium price, the quantity supplied by the market exactly equals the quantity buyers want to buy at that price.