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Assume initially that the demand and supply for premium coffees (1lb bags) are in equilibrium. Now assume Starbucks introduces the world to premium...

Assume initially that the demand and supply for premium coffees (1lb bags) are in equilibrium. Now assume Starbucks introduces the world to premium blends, and so demand rises substantially. Describe what will happen to this market as it moves to a new equilibrium. If a hard freeze eliminates Brazil’s premium coffee crop, what will happen to the price of premium coffee?

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