1) Suppose there is a blight, which destroys 50% of the coffee bean crop in the short run;a) if the price elasticity of demand fro coffee beans is -0.25 what is the impact on the price of coffee beans?;b) are coffee farmers better off or worse off and why?;c) Demonstrate how and why the long run price elasticity of demnd for coffee beans would differ from the short run?;d) How does the blight impact the supply and/or the demand curve?
Paper#29293 | Written in 18-Jul-2015Price : $22