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Price of a Cup of Tea to Rise as Demand Soars

In: Business and Management

Submitted By 16443365
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Price of a cup of tea to rise as demand soars

Student: Elie Gharib Student Number: 16443365

Lecturer: Dr. Neil Perry Economics 200425 Due Date: 25th October 2013.

Drinking tea is much more than a habit but a cultural tradition that dates back for centuries. Second only to water, tea is the most consumed drink in the world. People enjoy a cup of tea especially in the winter season due to the many nutritional benefits it offers Tea is consumed by drying the plants’ leaves and boiling it in water. This is then drunk as black, green or white with milk.
Demand for tea is increasing every year; in the last decade, global demand for tea has increased by 40% in comparison to coffee which has only increased by 7% (Aoyama & Akiyama, 2013). The global market for tea is very aggressive especially in countries where the demand is huge; the United Kingdom for instance is considered to be one of the biggest importers of tea as its population consumes around 165 million cups a day (UK Tea Council).
This statistic for the UK population might change as prices of a cup of tea (at the retail level) is increasing due to many factors (Price of a cup of Tea to rise as demand soars, 2011). Supply and demand for a product play a major role in indicating the price; however, there are other determinants that also contribute towards the pricing of a product (Nellis & Parker, 2006). As a result the UK market will witness fluctuating prices for a cup of tea. The aim of this essay is to explore the factors affecting this increase in price.
To understand what is happening to the quantity demanded we have to examine the determinants that lead to the shift in the demand curve.
One of these points is the advertisement of health awareness through tea; medical examinations proved that tea helps in stabilizing blood pressure and

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