For the following exercise, refer to the graph of the coffee market on the right. Event: Suppose that new research shows coffee reduces the risk of heart disease. In the graph of the coffee market (using the line drawing tool) show how the demand curve will change as a result of the event described above. Label the new demand curve 'D₂'. Note: if you are not prompted for a label, then you have used the wrong drawing tool. For the following exercise, refer to the graph of the coffee market described on the right portion of your screen. Event: Suppose that average consumer income increases and coffee is a normal good. In the graph of the coffee market (using the line drawing tool) show how the demand curve will change as a result of the event described above. Label the new demand curve 'D₂'. Note: if you are not prompted for a label, then you have used the wrong drawing tool. C Price per kg Price per kg Quantity of coffee per week (millions of kgs) D₁ Quantity of coffee per week (millions of kgs)

For the following exercise, refer to the graph of the coffee market on the right. Event: Suppose that new research shows coffee reduces the risk of heart disease. In the graph of the coffee market (using the line drawing tool) show how the demand curve will change as a result of the event described above. Label the new demand curve 'D₂'. Note: if you are not prompted for a label, then you have used the wrong drawing tool. For the following exercise, refer to the graph of the coffee market described on the right portion of your screen. Event: Suppose that average consumer income increases and coffee is a normal good. In the graph of the coffee market (using the line drawing tool) show how the demand curve will change as a result of the event described above. Label the new demand curve 'D₂'. Note: if you are not prompted for a label, then you have used the wrong drawing tool. C Price per kg Price per kg Quantity of coffee per week (millions of kgs) D₁ Quantity of coffee per week (millions of kgs)

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter1: What Is Economics?

Section1.A: Appendix Using Graphs: A Review

Problem 3TY

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TOPIC: The Laffer Curve