Graph the following situation for the coffee market in Ethiopia: Initially at the first equilibrium P=$20 and Q=30 • Incomes increase • The price of fertilizer (input) for growing coffee increases Question: After the shifts what happened to equilibrium price and quantity in the coffee market? The equilibrium price increased, but we can't tell what happened to the equilibrium quantity because we aren't given any information about the relative size of the shifts in supply ard demand in the market. The equilibrium price decreased, but we can't tell what happened to the equilibrium quantity because we aren't given any information about the relative size of the shifts in supply and demand in the market. The equilibrium quantity decreased, but we can't tell what happened to the equilibrium price because we aren't given any information about the relative size of the shifts in supply and demand in the market. The equilibrium quantity increased, but we can't tell what happened to the equilibrium price because we aren't given any information about the relative size of the shifts in supply and demand in the market.

Graph the following situation for the coffee market in Ethiopia: Initially at the first equilibrium P=$20 and Q=30 • Incomes increase • The price of fertilizer (input) for growing coffee increases Question: After the shifts what happened to equilibrium price and quantity in the coffee market? The equilibrium price increased, but we can't tell what happened to the equilibrium quantity because we aren't given any information about the relative size of the shifts in supply ard demand in the market. The equilibrium price decreased, but we can't tell what happened to the equilibrium quantity because we aren't given any information about the relative size of the shifts in supply and demand in the market. The equilibrium quantity decreased, but we can't tell what happened to the equilibrium price because we aren't given any information about the relative size of the shifts in supply and demand in the market. The equilibrium quantity increased, but we can't tell what happened to the equilibrium price because we aren't given any information about the relative size of the shifts in supply and demand in the market.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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