The Stoogeville Market for Fresh Coffee, Worksheet for Units 2 & 3:
NOTE: This is the same data and problem as you worked in Unit 2. However, now you have new questions to answer in Unit 3 based upon this data.
The Situation: In this particular market for coffee, there are only three consumers and three producers.
Your Assignment: Complete the tables below by printing this page and then calculating total market demand and total market supply. It is strongly suggested that you take some graph paper and plot demand and supply curves for this market. It is not absolutely necessary to plot the graphs to answer the questions, but it is a very useful exercise to make sure you understand the concepts.
The Market for Coffee – The Demand Side
Quantities of Coffee Demanded by Each Household at Different Possible Prices
|Individual Demands of each Buyer||Total Market Demand|
The Market for Coffee – The Supply Side
Quantities of Coffee supplied by Each firm at Different Possible Prices
|Individual Supply of each Seller||Total Market Supply|
Directions: Calculate the Total Market Demand column and the Total Market Supply column in the demand and supply schedules above. It may help to print out this page and enter your answers on the printed page. You will need to refer to these values when you answer the questions about this worksheet in your school’s learning management system. (Moodlerooms at HFCC). TIP: Keep this sheet for when you work on Unit 3. The Unit 3 worksheet uses the same data.