Increase in the regions well being or welfare

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A number of Latin American countries export coffee and import other goods. A longterm drought now reduces coffee production in the countries of this region. Assume that they remain exporters of coffee.

Explain why the long-term drought in the region might lead to an increase in the region's well-being or welfare. What would make this gain in well-being more likely?

Reference no: EM131212460

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