Use the Figure Below to Answer the Following Questions

question 91

Multiple Choice

Use the figure below to answer the following questions.
Table 3.5.2
Demand and Supply Schedules for Cups of Coffee each day at CoolU

-Refer to Table 3.5.2.Professor Hyper publishes a new study,showing that coffee raises the test performance of students.Students double their demand for coffee and the quantity of coffee demanded at each price doubles.The new equilibrium price is $________,and the new equilibrium quantity is ________ cups a day.

• A)1.20;1,000
• B)1.30;1,200
• C)1.50;1,600
• D)1.40;1,400
• E)none of the above

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Definitions:

Investment Banks

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The design of additional compensation methods to employees, typically based on performance criteria.

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Financial instruments that are secured by mortgages, with payments derived from the underlying loans.

Economic Efficiency

The optimal allocation of resources to maximize the production of goods and services without wasting any resources.