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Suppose we are analysing the market for hot chocolate. What will be the impact on the equilibrium price and quantity of each of the following
Suppose we are analysing the market for hot chocolate. What will be the impact on the equilibrium price and quantity of each of the following events affecting the hot chocolate market? (1 Mark for each)
a. winter starts and the weather turns sharply colder
b. the price of coffee falls
c. consumer income falls because of a recession
d. the population increases
e. a better method of harvesting cocoa beans is introduced
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