Microeconomics: Bangrian Tea Prices

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Sample Paper
Introduction
The tea market in Bangaria has had a lot of fluctuations, increasing in price up to $3 and falling below $0.5 per pound, in some instances. The prices were below $0.5 during the period between 1965 and 1971, only managing to rise above the $0.5 mark at one time in the year 1970. From 1972, the prices increased steadily until during the 1975 drought, when they shot up to 1977 to the reach $3 dollar mark, then steadily fell to$1.6 per pound in 1978. They then rose above the $2 mark, only to fall back to $1.5 . The drought in the year 1985 caused a sharp upward shift of the prices from $1.5 $ 2.4 per pound in 1986 when the prices fell again after the drought. In 1987 there was a slight increase but then, prices fell further down to below the $0.5 dollar mark in 1993. The prices then rose in 1993 to $1.6 and later fell below $0.5 per pound in 2002, only to rise again through to 2005. 2. In a competitive market, the demand and supply of the basic consumer goods is affected by the price and the quantity of such goods in the market. If the supply of the goods in the market is reduced, the demand for the commodity goes up. This is because the number of people that require the commodity is much higher than…….ORDER NOW
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