5. The domestic supply and demand curves for Jolt coffee beans are given by P = 10+Q and domestic demand P = 100 – 2Q, respectively, where P is the
5. The domestic supply and demand curves for Jolt coffee beans are given by P = 10+Q and domestic demand P = 100 – 2Q, respectively, where P is the price in dollars per bushel, and Q is the quantity in millions of bushels per year. There is perfect competition in the world market and thus the total world supply is P = 10. a) In absence of government policy, the U.S. Supply is the world supply. What is the consumer surplus at the equilibrium price? What is the producer surplus?
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