New high-yield varieties have boosted Brazils coffee production and coffeebean prices have fallen 54 percent in the
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New high-yield varieties have boosted Brazil’s coffee production and coffeebean prices have fallen 54 percent in the past two years. The drop has been so steep that some longtime Brazilian coffee farmers are considering other uses for their land, such as cattle pastures.
Explain the effect of the fall in the price on the profit of growers in the short run. How will the market for coffee change in the long run?
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An increase in the supply of coffee decreased the worl...View the full answer
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