Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Find reliable answers to your questions from a wide community of knowledgeable experts on our user-friendly Q&A platform. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.
Sagot :
Answer:
a. The price of tea, a substitute for coffee, falls.
demand curve will shift to the left, decreasing the equilibrium quantity and decreasing equilibrium price of coffee.
b. The price of coffee beans decreases
the supply curve will shift to the right, increasing total quantity supplied and decreasing equilibrium price.
c. A better method of harvesting coffee beans is introduced.
the supply curve will shift to the right, increasing total quantity supplied and decreasing equilibrium price.
d. Consumer income falls because of a recession, and coffee is considered a normal g
demand curve will shift to the left, decreasing the equilibrium quantity and decreasing equilibrium price of coffee.
e. Farmers expect the price of coffee beans to increase next month.
supply curve will shift to the left, since coffee bean farmers will not sell their products until the price rises. This will cause a shortage in the supply of coffee beans and a shortage int he supply of coffee, resulting in a higher equilibrium price.
f. Currently, the price of coffee is $2.50 per cup above equilibrium.
the demand curve will shift to the left, decreasing quantity demanded and decreasing equilibrium price
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.