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(a) Imagine yourself in a tea garden in Sylhet. You see beautiful green tea trees around you and plantation workers plucking the matured leaves off the trees. Beside the garden you see a factory of a renowned tea brand Victoria inside which there are heavy machineries that convert raw tea leaves into ready to consume refined ground tea. Based on your knowledge about the Factors of Production, figure out which of the following fall under Price which factor and briefly explain the reason behind. QD Qs 1000 10 65 800 20 30 50 (b) After having a brief chat with the manager of the factory, you get the monthly demand and supply schedule of per box Victoria Tea Leaves in the market. Plot these in one graph, identify the equilibrium and show the annual Revenue of the tea. 600 30 400 200 40 15 50 5

(a) Imagine yourself in a tea garden in Sylhet. You see beautiful green tea trees around you and plantation workers plucking the matured leaves off the trees. Beside the garden you see a factory of a renowned tea brand Victoria inside which there are heavy machineries that convert raw tea leaves into ready to consume refined ground tea. Based on your knowledge about the Factors of Production, figure out which of the following fall under Price which factor and briefly explain the reason behind. QD Qs 1000 10 65 800 20 30 50 (b) After having a brief chat with the manager of the factory, you get the monthly demand and supply schedule of per box Victoria Tea Leaves in the market. Plot these in one graph, identify the equilibrium and show the annual Revenue of the tea. 600 30 400 200 40 15 50 5

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
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2. (a) Imagine yourself in a tea garden in Sylhet. You see beautiful green tea trees around you and plantation workers plucking the matured leaves off the trees. Beside the garden you see a factory of a renowned tea brand Victoria inside which there are heavy machineries that convert raw tea leaves into ready to consume refined ground tea. Based on your knowledge about the Factors of Production, figure out which of the following fall under Price which factor and briefly explain the reason behind. Qo Qs 1000 10 65 800 20 50 600 30 30 (b) After having a brief chat with the manager of the factory, you get the monthly demand and supply schedule of per box Victoria Tea Leaves in the market. Plot these in one graph, identify the equilibrium and show the annual Revenue of the tea. 400 40 15 200 50 5
Transcribed Image Text:2. (a) Imagine yourself in a tea garden in Sylhet. You see beautiful green tea trees around you and plantation workers plucking the matured leaves off the trees. Beside the garden you see a factory of a renowned tea brand Victoria inside which there are heavy machineries that convert raw tea leaves into ready to consume refined ground tea. Based on your knowledge about the Factors of Production, figure out which of the following fall under Price which factor and briefly explain the reason behind. Qo Qs 1000 10 65 800 20 50 600 30 30 (b) After having a brief chat with the manager of the factory, you get the monthly demand and supply schedule of per box Victoria Tea Leaves in the market. Plot these in one graph, identify the equilibrium and show the annual Revenue of the tea. 400 40 15 200 50 5
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