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QUESTION ONE Question Assume the market for coffee is initially in equilibrium. a) Draw a demand and supply diagram to illustrate the initial equilibrium. b)

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QUESTION ONE Question Assume the market for coffee is initially in equilibrium. a) Draw a demand and supply diagram to illustrate the initial equilibrium. b) Explain the impact on the coffee market if there is a decrease in business taxes. c) Graphically illustrate the impact on the diagram you prepared for part (a)

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