you are required to work on a real world problem that requires economic and quantitative analysis

• identify phenomena suitable for economic analysis.
• conduct independent research about such phenomena and the applicable economic theory.
• build and employ appropriate economic models and theories to represent and examine these.

Please use the article below

https://www.theguardian.com/food/2024/apr/10/australia-coffee-prices-inflation-rising-average

Please focus only on this point below

Problem identification:

• Increasing costs
• Economic pressures
• Market dynamics

Model development:

• Supply and demand (for coffee beans and brewed coffee)
• Cost- benefit analysis (Assessing sustainability of different price points for coffee)
• Price elasticity (Evaluating how sensitive demand for coffee is to price changes)