[Step-by-Step] The private annual demand for and supply of fair trade coffee are given by following functions:
Question: The private annual demand for and supply of fair trade coffee are given by following functions:
\[\begin{array}{cc} &Q_{d}=420-12 P \\ &Q_{s}=-40+8 P \end{array}\]Where the quantity is measured in tons and the price is measured in dollars per ton. (a Solve for the equilibrium price and quantity.
(b) Plot the functions to illustrate the equilibrium and use the information to calculate the status quo consumer and producer surplus.
(c) In order to raise and stabilize the growers' income, a Non-Profit Organization is lobbying the government to subsidize the distribution of fair trade coffee by three dollars per ton - [hint: If the subsidy is three dollars per ton the supply function will become \({{Q}_{s}}=8P-16\) ]. What would be the consumer surplus gain from the subsidy? What would be the producer surplus gain from the subsidy? What is the net benefit to the society?
Deliverable: Word Document 
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