Market Equilibrium

IL Market Equilibrium [20 points). Predict how the equilibrium price [ep] and equilibrium quantity [eq] of coffee would be affected by the following changes. Provided below is the market equilibrium for coffee. Use this graph in predicting the changes in the market equilibrium for each item. Label the shift of the curves properly. {1 point for each correct eq end ep, 2 points for the graph; refer to the rubrics in Test I} 1. The unfavorable weather conditions resulted to poor growing conditions for coffee. 2. A group of world's coffee growers had a major advertsing campaign in the Philippines about the benefits of coffee. 3. A new medical study warned people from consuming more than one cup of coffee per week. 4. Many countries were prohibited to import their coffee to the Philippines because of strict trade prohibitions. 5. A technology has been introduced in producing coffee and many people are now more inclined to drinking milk tea