Question
In: Economics
Draw and give examples where possible to support your answers. QUESTION1. Suppose the market for coffee...
Draw and give examples where possible to support your
answers.
QUESTION1. Suppose the market for coffee is currently in
equilibrium at a price of RM 3.00. An early frost coffee-growing
nations decreases the supply of coffee. Use supply and demand
analysis to forecast the impact of the freeze on the market
equilibrium price and quantity of coffee .
Please the diagram is very important I need it ! Please draw
it !
Solutions
Expert Solution
The above image shows the equilibrium in coffee market.
Initially, the coffee market was in equilibrium at the point of
intersection 
and DD. At this equilibrium, the market price of coffee was 3 and
the quantity supplied and quantity demanded were 
units each.
After the frost in coffee growing nations, the supply of coffee
decreased. This led to an upward shift in the supply curve from
to 
. The new equilibrium is at the point of intersection of
and DD. The new equilibrium price 
is higher than the old equilibrium price. The new quantity
supplied and demanded 
is lesser than the old quantity supplied at demanded
.
Hence, from the demand and supply analysis of the coffee market conducted above, it can be concluded that the equilibrium price of coffee will increase and quantity demanded and supplied would decrease.
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