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Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same. HINT – it is helpful to draw Demand/Supply diagrams to work these out.
a) A new study finds that coffee is good for the heart, reducing cholesterol if consumed daily.
b) The price of tea decreases substantially – assume that tea is a substitute for coffee.
c) Wages increase substantially in countries that grow coffee beans.
d) A fertilizer that increases the yield per acre of coffee beans is discovered.
e) A tropical storm destroys a large percentage of the Columbian coffee bean crop, a major source of coffee for the U.S. market.
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The manufacturer of Brand A automobile tires claims that its tire can save 110 gallons of fuel over 55,000 miles of driving, as compared to a popular competitor (brand B). If gasoline costs $4.00 per gallon, how much per mile driven does this tire sa..
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