Changes in weather, price, and production methods impact the demand and supply for hot chocolate, influencing equilibrium price and quantity.
Winter starting and the weather turning sharply colder: The demand for hot chocolate would increase due to the colder weather, shifting the demand curve to the right. This would lead to a higher equilibrium price and quantity.
The price of cocoa beans decreases: A decrease in the price of cocoa beans would lower production costs, shifting the supply curve to the right. This would result in a lower equilibrium price and higher quantity.
A better method of harvesting cocoa beans is introduced: With improved harvest methods, the supply of cocoa beans would increase, shifting the supply curve to the right. This would lead to a lower equilibrium price and higher quantity.
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