carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee. choose the suitable answer for QUESTION 2, 3 and 4. Questions 2) impact on supply 3)impact on price  4)impact on quantity  Answers. a. decrease equilibrium quantity  b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right  m.shift inwards/to left

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee.

choose the suitable answer for QUESTION 2, 3 and 4.

Questions

2) impact on supply

3)impact on price 

4)impact on quantity 

Answers.

a. decrease equilibrium quantity 

b.excess supply

c. increase equilibrium quantity

d. decrease towards equilibrium

e.increase towards equilibrium

f. change in price in uncertain

g.decrease equilibrium price

h.excess demand

i. change in quantity uncertain

j.increase equilibrium price

k. no impact

l.shift outwards/ to right 

m.shift inwards/to left

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