[See Steps] Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact each of the following would have on demand or supply.
Question: Suppose we are analyzing the market for hot chocolate. Graphically illustrate the impact each of the following would have on demand or supply. Also show how equilibrium price and equilibrium quantity would change. Each question part requires a labeled graph. You need only label the points on the graph pertinent to the question.
- Winter starts and the weather turns sharply colder (assume that cocoa beans are grown in areas that are not affected by weather here).
- The price of coffee, a substitute for hot chocolate, falls.
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