equilibrium price and quantity
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Draw hypothetical supply and demand curves for tea. Show how the equilibrium price and quantity will be affected by each of the following occurrences:
a. Bad weather wreaks havoc with the tea crop
b. A medical report implying that tea is bad for your health is published
c. A technological innovation lower the cost of producing tea
d. Customers income falls
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Solution Summary
The demand curve is studied.
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