Illustrate what expect would happen to coffee consumption

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Reference no: EM1347724

Suppose that there was a bad harvest in Brazil, and as a result coffee prices went up this year at coffee shops all over Canada. What do you expect would happen to coffee consumption? In what direction would the CPI move, ceteris paribus? Would that change correctly reflect the impact on consumers' welfare? Explain briefly.

Reference no: EM1347724

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