Question: Using the demand function, Equation 2.2, and the supply function, Equation 2.5, for coffee, determine the equilibrium price and quantity of coffee if Y =

Using the demand function, Equation 2.2, and the supply function, Equation 2.5, for coffee, determine the equilibrium price and quantity of coffee if Y = $55,000 and p_c= $5. Draw the demand and supply curves and illustrate this equilibrium in a diagram.

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