$$\begin{array}{l}
\begin{array} { c | c | c }
\text { Price } & \begin{array} { c }
\text { Quantity } \
\text { Supplied }
\end{array} & \begin{array} { c }
\text { Quantity } \
\text { Demanded }
\end{array} \
\hline \$ 0 & 0 & 300 \
\$ 1 & 10 & 250 \
\$ 2 & 50 & 180 \
\$ 3 & 90 & 150 \
\$ 4 & 120 & 120 \
\$ 5 & 150 & 90 \
\$ 6 & 180 & 50
\end{array}\
\text { Table } 6.1
\end{array}$$ Refer to Table 6.1,which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall.If there is no tax placed on coffee,how many cups of coffee will be bought and sold?

Question

$$\begin{array}{l}
\begin{array} { c | c | c } 
\text { Price } & \begin{array} { c } 
\text { Quantity } \
\text { Supplied }
\end{array} & \begin{array} { c } 
\text { Quantity } \
\text { Demanded }
\end{array} \
\hline \$ 0 & 0 & 300 \
\$ 1 & 10 & 250 \
\$ 2 & 50 & 180 \
\$ 3 & 90 & 150 \
\$ 4 & 120 & 120 \
\$ 5 & 150 & 90 \
\$ 6 & 180 & 50
\end{array}\
\text { Table } 6.1
\end{array}$$ Refer to Table 6.1,which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall.If there is no tax placed on coffee,how many cups of coffee will be bought and sold?

Quizplus · Accepted Answer

The equilibrium point, where the quantity supplied equals the quantity demanded, is at a price of $4 for 120 cups of coffee.