Answered: fee Prices in Saudi Riyal per pound…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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fee Prices in Saudi Riyal per pound

Price in SAR	Quantity Demanded (in ‘000 bags)	Quantity Supplied (in ‘000 bags)
5	200	80
6	180	120
7	160	160
8	140	200

a.) Draw a graph of the supply and demand curve for coffee.

b.) What is the equilibrium price and equilibrium quantity in the market for coffee?

c.) Show with the help of a graph, what happens to the equilibrium price and equilibrium quantity if a draught destroys the coffee harvest in Brazil, one of the largest coffee bean producers in the world? Just mention the direction of change not any actual numbers.

d.) Show with the help of a graph, what happens to the equilibrium price and equilibrium quantity if, in addition to the draught in Brazil, a global recession reduces the demand for coffee beans? Again, just mention the direction of change not any actual numbers.

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