Coffee Bean Market - Arabica by XueTing Lee https://padlet.com/lee_xueting/16A04GROUP4 en-us 2016-04-06 00:13:30 UTC 2017-03-15 10:43:59 UTC hello@padlet.com News Article 1 lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256571 2016-04-04 05:48:50 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256571 News Article lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256572 2016-04-04 05:51:11 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256572 With reference to the 2 news articles,  explain the fall in prices of coffee beans in Brazil. lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256573 2016-04-04 05:52:46 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256573 Group name: lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256574 Please write out the names of the members in the group.
1. Nebuash
2. Kristie
3. Jamie
4. Victoria]]> 2016-04-04 06:03:43 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256574 Topic: Demand, Supply & Market Equilibrium lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256575 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/16A04GROUP4/wish/104256575 Welcome:) lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256576 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/16A04GROUP4/wish/104256576 Introduction lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256577 Explain market mechanism:
Market mechanism is the process by which the free market allocates resources  based on the prices and quantity of goods and services. The market mechanism works through the interaction of the market forces of demand and supply to determine the equilibrium price and output.

Demand is the amount of good that consumers are able and willing to purchase in a given period of time at various prices.

Supply is the amount of a good that  producers are able and willing to offer for sale in a given period of time and at various prices.]]> 2016-04-04 06:30:11 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256577 Body: State the initial equilibrium lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256578 Initially, the price and quantity of arabica beans was higher than robusta beans as the demand for arabica beans was higher, possibly due to consumer's taste and preferences and the level of income of the consumers at that time.  As a result of the different demand for each type of beans, the market equilibrium for arabica beans was higher than the market equilibrium for robusta beans initially.]]> 2016-04-04 06:31:44 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256578 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/16A04GROUP4/wish/104256579 Burning coffee sacks as protest would reduce the supply of coffee beans and hence supply curve would shift to the left. ]]> 2016-04-04 06:32:26 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256579 Body: Decide the direction and magnitude in which the curves shift lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256580 Since coffee is a diet, it is hence a necessity. This means that the price elasticity for demand curve for both coffees are price inelastic, showing a steeper demand curve. The initial position of the demand curves are to the right because of its strong demand from the beginning. ]]> 2016-04-04 06:34:27 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256580 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/16A04GROUP4/wish/104256581 Note: Please draw the diagram manually, take a photo and upload it by clicking the "video icon". ]]> 2016-04-04 06:35:51 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256581 Body: State the new (final) equilibrium lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256582 As the demand for robusta beans increase, the demand for arabica beans would decrease as they are substitute goods. This would result in the price of arabica beans falling as the decrease in demand would lead to a surplus. The increasing demand for robusta beans would result in a shortage, thus the price would increase. However, as robusta beans are produced by more and more people around the world, the price would eventually fall.Overall, the market equilibrium of arabica beans would fall below the market equilibrium of robusta beans, with the quantity of robusta beans being higher than arabica beans in the long run.]]> 2016-04-04 06:38:13 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256582 Conclusion lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256583 2016-04-04 06:38:57 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256583 Chat Box lee_xueting https://padlet.com/lee_xueting/16A04GROUP4/wish/104256584 Mrs Ting: Keep going :) ]]> 2016-04-04 06:39:46 UTC https://padlet.com/lee_xueting/16A04GROUP4/wish/104256584