• 1. Imagine Sharif is a farmer of Arabica coffee beans and needs assistance in modeling this competitive market. We have estimated the demand function be P=140−4QD{“version”:”1.1″,”math”:”P=140-4Q_D”}and the supply function as P=2+2Qs{“version”:”1.1″,”math”:”  P=2+2Q_s”} Price is measured in British pounds (£), and coffee is measured in millions of bushels.
  • (a) Depict the supply/demand model in a figure ( P, should be on the vertical axis). Plot each function, and show the proper curves for prices = [0,140]. Note: I would either use Excel or Word. If you are on a Mac, I like Preview.  Label all axes and title the figure properly.

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