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Chocolate lovers have been horrified by reports of a pending chocolate shortage. A recent report has predicted a worldwide chocolate shortage within the next five years which could cause the price of chocolate to double. The reasons for this prediction include an increase in diseases and pests affecting cocoa trees in some countries, such as Indonesia, and wars and instability in parts of West Africa, together with more secure production and profits for crops other than cocoa such as coffee and maize. On the demand side, growing incomes in countries such as China and India are leading to an increase in demand for chocolate. (Turnbull, 2015)5
Based on the above discussion, illustrate the following using demand and supply graphs for each of the below.
-The effect on the supply of cocoa if the diseases and pests affecting the cocoa tree become worse.
-The effect on the demand curve of cocoa if worldwide chocolate consumption continues to rise, particularly in countries such as China and India.
-The effect on the world equilibrium price and quantity if cocoa farmers in Indonesia substitute cocoa production with higher-value crops such as coffee and maize.
-The effect on the equilibrium price of chocolate if all first-year students rush out and purchase chocolate for their economics lecturers.
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