Asian Rubber Farmers Switch Crops as Prices Dive For the last four years, the price of rubber
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Asian Rubber Farmers Switch Crops as Prices Dive For the last four years, the price of rubber has been falling. With the sagging price, many Southeast Asian producers of rubber have switched to other crops such as oil palm, and those employed in rubber tapping have begun to look for jobs in factories and mines.
Source: Reuters, May 29, 2014
a. Explain how the market for rubber would have changed if farmers had continued to plant rubber trees instead of switching to palm oil trees.
b. Describe the changes in demand and supply in the market for palm oil.
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