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4Demand and SupplyEYE ONS
The table provides some data on the quantity and price of coffee in 2013 and 2014.The table tell us that the quantity of coffee decreased in 2014 and the price rose.When a fungus called coffee rust swept though Brazil and other countries of South America in 2014, world coffee production decreased and the price of coffee beans increased.
Did the price rise because demand increased? Or did the price rise because supply decreased?You know that when demand increases, the price rises but the quantity bought increases.You also know that when supply decreases, the price rises and the quantity bought decreases.So: Did the demand for coffee increase? Or did the supply of coffee decrease?Because the quantity bought decreased when the price rose in 2014, the supply of coffee decreased in 2014.
The figure shows the market for coffee in 2013.The price was $1.04 a pound and 19.4 billion pounds were bought.In 2014, supply decreased.The price rose to $1.35 a pound and 18.7 billion pounds were bought.The quantity demanded decreased along the demand curve.
The demand and supply model is going to be a big part of the rest of your life! Your Buying PlansThink about the things you buy: the quantities you buy and the prices you pay. These quantities and prices are points on your demand curves.Now think about how some price changes would change your buying plans. How would your buying plans change if you started a new job with a higher wage?
Your Selling PlansIf you have a job, think about the number of hours you work and wage rate you receive. If you’re working as many hours as you’d like, then this quantity and wage rate is a point on your supply of labor curve.How would you respond to a rise in the wage rate? Would you work more hours or fewer hours?If you’re thinking od selling last year’s math textbook, what is the lowest price you would accept? That price is a point on your supply of used textbooks.
From Plans to ActionsYour demand and supply curves and
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