Coffee Bean Market - Arabica by XueTing Lee https://padlet.com/lee_xueting/16S13GROUP1 en-us 2016-04-06 02:43:41 UTC 2025-10-06 14:38:42 UTC hello@padlet.com Chat Box lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270873 YQ: Hello friends, i named ourselves econs prodigies (hope yall don't mind) filled up our names. After we did a section make sure yall rmb to (Name) so we know all of us contributed to this homework ^^ thanks :) those hardcores, leave some ques for others to do!! good luck have fun ^^
Mr Wong: Hello
Avani: Hey guys!

Mr Wong: hi all, let me know if u have qns. I'll be reading through and commenting where needed]]> 2016-04-04 06:39:46 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270873 Conclusion lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270874 In conclusion, the shifting of supply and demand curves have caused prices to fall from P0 at the initial equilibrium to P1 at the final equilibrium , and also cause quantity to fall from Q0 at the initial equilibrium to Q1 at the final equilibrium. This corresponds to and accounts for the fall of prices of coffee beans in Brazil. ( Joshua )]]> 2016-04-04 06:38:57 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270874 Body: State the new (final) equilibrium lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270875 At final equilibrium, the price is at P1 and quantity is at Q1 according to the above diagram. ( Joshua )

]]> 2016-04-04 06:38:13 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270875 Body: Using the market adjustment process, explain how the shift(s) changes the equilibrium price and quantity (Explanation of diagram): lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270876 Note: Please draw the diagram manually, take a photo and upload it by clicking the "video icon". (RYAN)]]> 2016-04-04 06:35:51 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270876 Body: Decide the direction and magnitude in which the curves shift lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270877 Ryan: Demand curve shifts MORE prominently than supply curve.]]> 2016-04-04 06:34:27 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270877 Body: Identify and explain whether the factor/event shifts the demand or supply curve. (2 Demand + 1 Supply or 2 Supply + 1 Demand) lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270878 Demand factor #1: Change in taste and preferences.
Quote: "In places like China, Indonesia and Brazil itself, where coffee is an affordable luxury for the middle class, the market is growing by around 5% a year. However, these drinkers are filling their pots with cheaper robusta beans-what Kona Haque of Macquarie dubs the "emerging-market coffee."
Explain: Since demands is dependent on the keenness of consumers to buy a good, it is then dependent on tastes which are modified by other factors such as education, fashion, culture, influences and many more. In this situation, people seemed to have prefer the robusta-beans instead of the arabica-beans. This will then lead to the demand curve to increase and shift to the right for the robusta-beans and decrease and shift to the left for arabica-beans. This is because the demand for robusta-beans increases as the rationale behind it may be due to its cheap price whereas the demand for arabica-bean decreases due to changing of preferences to robusta-beans. (Yan Qiao)

Demand factor #2: Price/Availability of substitutes
Quote: "There are two main varieties of coffee bean: arabica and robusta. The former, which accounts for around 60% of the world's crop, is considered superior and fetches higher prices; the latter is a hardier crop, resistant to leaf rust, but has a more bitter taste. Most of the beans produced in Brazil are of the arabica variety. But these beans now fetch around $106 a 60kg bag, less than half of what farmers could get for them a couple of years ago. Farmers in Colombia and Ethiopia, who also produce arabica beans, are suffering too. The reason is that production of coffee, and of cheaper robusta beans in particular, is booming. Vietnam has gone from growing almost nothing a decade ago to producing 25m bags of robusta beans a year today."
Explain: Substitutes refer to goods that satisfy similar needs or desires within the same price range. In the situation, we can observe that the former type of coffee beans, the arabica variety now has a substitute known as the robusta beans. This explain that due to the fact that the robusta beans has similar taste except being slightly more bitter, it also has a cheaper price relatively. This will then lead to consumers flocking to robusta beans as a substitute product instead of arabica beans.
(Yan Qiao)

Supply factor #3: Cost of production
Quote: "Low arabica prices are accompanied by rising costs. Coffee is a labour-intensive crop; picking is still largely done by hand. Wages in Brazil and Colombia are rising fast and production costs are above prices."
Explain: Cost of production(COP)  refers to cost incurred by a business when manufacturing a good or producing service. An increase in the marginal COP will lead to a reduction in the supply, resulting in leftward shift of the supply curve. This is because, holding selling good of the good constant, the higher the marginal cost of production leaves firm with lesser profits. In this situation, the cost of production of arabica beans are increasing even though the wages and income are decreasing. This will indubitable lead to strikes and protests as firms may make losses and their workers may receive less salary. This may even eventually lead to a shut down. As a result, the market supply decreases. (Yan Qiao)]]> 2016-04-04 06:32:26 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270878 Body: State the initial equilibrium lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270879 At the initial equilibrium, the price is at P1 and the quantity is at Q1. (Avani)]]> 2016-04-04 06:31:44 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270879 Introduction lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270880 Explain market mechanism:
The market mechanism works through the interaction of the market forces of demand and supply to determine the equilibrium price and output. (Yan Qiao)

Define demand: 
Demand is defined as the amount of a good that consumers are able and willing to purchase in a given period of time at various prices. (Yan Qiao)


Define supply:
Supply is defined as the amount of a good that producers are able and willing to offer for sale in a given period of time at various prices. (Yan Qiao) 



]]> 2016-04-04 06:30:11 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270880 Welcome:) lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270881 Dear Students,

Welcome to Home-Based Learning 2016!

By now, you should have the list of the team members in your group. Each team will analyse 2 articles below to identify 3 evidence/information (2 Demand + 1 Supply or 2 Supply + 1 Demand factors)  to answer the following essay question:

a) With reference to the 2 news articles, explain the fall in prices of coffee beans in Brazil.

To discuss the answers with your group members, double click anywhere on the wall and a virtual "sticky note" will appear at the top. From, enter your name, then you can use the "sticky note" to "chat" with each other. 

For example, Miss Lee: I don't think that is a non-price factor that affects demand. Please remember to write your name before the statement :) 

Lastly, please identify these non-price determinants of demand & supply by quoting the relevant phrases from the article. 

For example, as stated in article 1, "the recession in Europe has hit demand". After quoting the evidence for the article please proceed to explain how this non-price factor affects demand or supply with economic rigour. 

I have provided some scaffolding statements to guide you in your essay development. Address each statement by writing the essay segment in the respective sticky note. Press the pencil button to write the respective essay segment.

]]> 2016-04-04 06:06:48 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270881 Topic: Demand, Supply & Market Equilibrium lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270882 Objective - Students will be able to identify and explain how the demand and supply factors affect the market for coffee beans.]]> 2016-04-04 06:04:45 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270882 Group name: Econs Prodigies lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270883 Please write out the names of the members in the group.
1. Avani Jain
2. Chong Yi Aaron
3. Joshua Chong Jia Quan
4. Lau Wen Kai Ryan
5. Mou Yan Qiao ]]> 2016-04-04 06:03:43 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270883 With reference to the 2 news articles,  explain the fall in prices of coffee beans in Brazil. lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270884

]]> 2016-04-04 05:52:46 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270884 News Article 2 lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270885 2016-04-04 05:51:11 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270885 News Article 1 lee_xueting https://padlet.com/lee_xueting/16S13GROUP1/wish/104270886 2016-04-04 05:48:50 UTC https://padlet.com/lee_xueting/16S13GROUP1/wish/104270886