17. Draw hypothetical supply and demand curves for tea. Show how the equilibrium price and quantity will be affected by each of the following occurrences: (LO4-3)

a. Bad weather wreaks havoc with the tea crop.

b. A medical report implying tea is bad for your health is published.

c. A technological innovation lowers the cost of producing tea.

d. Consumers’ income falls. (Assume tea is a normal good.)