b. Consider a market for Tea a normal good in Karachi. You are supposed to analyze and discuss the effect on the equilibrium output and the price in the Tea market in Karachi for October 2020 after the following changes (Other things held constant). In each case, explain your answer using a supply and demand diagram.
i. There has been a decrease in people’s income and a rise in the price of sugar (an input for making Tea) in Pakistan during 2020 due to the COVID-19 crisis simultaneously. (1.5 Marks, Maximum, 100 words)
ii. Price of the coffee falls in the month of October 2020 in Karachi.
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HIIIIIIIIIIIII
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