a) Draw a demand curve and a supply curve for coffee. Label the equilibrium price as P1 and equilibrium quantity as Q1. Show what happens to the equilibrium price and quantity if the price of tea (a substitute for coffee) falls. Label the new equilibrium price as P2 and equilibrium quantity as Q2.

b) Draw another demand curve and supply curve for coffee. Label the equilibrium price as P1 and equilibrium quantity as Q1. Show what happens to the equilibrium price and quantity if the price of coffee beans (needed to produce coffee) decreases. Label the new equilibrium price as P2 and equilibrium quantity as Q2.