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Explain the law of demand

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Reference no: EM133127226

1. Explain the Law of Demand

2. What is the difference between changes in demand and changes in quantity demanded

3. Starting from a supply and demand graph, comment and illustrate for each of the following events how the coffee market will be affected. A supply and demand graph is required for each of the items, explain in each case the impact on supply, demand and on the equilibrium quantity and price.

a. A plague of the coffee tree destroys a good part of the Brazilian crop.

b. The price of tea decreases.

c. Coffee workers around the world organize into unions and get better wages.

d. Coffee is shown to cause cancer in laboratory rats.

e. An increase in coffee prices is expected in the short term.

4. The market demand for good X has been estimated as: Qx = 2,250 -4.5 Px - 0.075 I -3.75 Py +11.25 Pz where Px is the price of good X, I is the per-capita income, Py is the price of good Y and Pz is the price of good Z. Suppose that Px = $ 2.4, I = $ 24,000, Py = $ 5 and Pz = $ 6 .

a. Regarding change in income, what type of good is good X?

b. What is the relationship between good X and good Y?

c. What is the relationship between good X and good Z.

d. What is the market demand for good X.

Reference no: EM133127226

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