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(i.e. Increase Deman… Show more a. What effect will each o

Paper help Economics (i.e. Increase Deman… Show more a. What effect will each o

Economics

(i.e. Increase Deman… Show more a. What effect will each o

(i.e. Increase Deman… Show more a. What effect will each of the following have on the DEMAND for coffee (i.e. Increase Demand, Decrease Demand, or NO CHANGE)? A brief explantion is needed. i. There is an increase in the price of coffee. ii. There is an increase in the price of tea, which consumers view as a substitute for coffee. iii. There is an increase in consumer incomes, assuming coffee is a normal good. iv. There is a decrease in the number of consumers who buy coffee. b. What effect will each of the following have on the SUPPLY of soybeans? (i.e. Increase Supply, Decrease Supply, or NO CHANGE)? : A brief explantion is needed. i. There is an increase in the amount of subsidies given to soybean producers. ii. There is a decrease in the price of fertilizer, an input needed to produce soybeans. iii. There is an increase in the price of corn, an alternative good that soybean producers could produce instead of soybeans (i.e. assume corn is a substitute in production for soybeans). iv. Soybean producers expect the price of soybeans to substantially fall in the future. • Show less

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