Produce two graphs that are clearly labeled. In the first graph, describe and show a scenario that might lead to a negative demand shock for coffee. Be clear in describing why the shock has an effect on the market and what the predicted effects on quantities and prices are. In the second graph, describe and show a scenario that might lead to a negative supply shock for coffee. Be clear in describing why the shock has an effect on the market and what the predicted effects on quantities and prices are. (Elasticity and Sellers Revenue) Graph and Label Suppose the market for Daraprim, a drug used by people with weakened immune systems to fight toxoplasmosis, has a fairly inelastic supply curve. Do you think the demand for Daraprim is elastic or inelastic and why? Draw a clearly-labeled supply […]