Question 5 10 pts The coffee market in Boblandia is perfectly competitive. Deman

Question

Question 5 10 pts The coffee market in Boblandia is perfectly competitive. Demand is characterized by P)- 140- 3xQ. If exactly 12 units are sold, what is the market price of a cup of coffee? Round to two decimal places. If your answer is 1.125, enter 1.13. And do not enter the currency symbol for the Bobo, the official currency of Boblandia. (If the number of units sold seems small to you, please know that units are in millions of cups per day. Given the relatively small population of Boblandia, this is a lot of coffee per person.)

Explanation / Answer

At 12 units of coffee sold, the market price is 140-3(12) = 104 as at equilibrium quantity demanded equals quantity supplied.

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