AS Paper 1, June 2024Introduction to Markets and Market Failure
AS Paper 1, June 2024, Q2(c)
Annotate the diagram below to show the effect of the cyclone on the price of vanilla beans.
Short answerAnnotate2 marks
Context
Vanilla bean prices increased to a record $600 a kilogramme in 2018 after a cyclone hit the tropical island of Madagascar, damaging crops. Madagascar supplies 75% to 80% of the world vanilla bean market.
Original diagram required. See the original question paper for the diagram.