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Category > Economics Posted 12 Jul 2017 My Price 8.00

demand and supply

Let us assume that the market for strawberries has the following demand and supply schedules:

捕获.PNG

 

a) Plot the demand and supply curves in a graph. Make sure that you label the curves and write what you have put in each axis.

 

b) What are the equilibrium price and quantity for strawberries? Identify the equilibrium point, equilibrium price and equilibrium quantity as E, Pe, Qe, respectively.

 

c) What happens to the market at prices $3.99 and $7.99 per pound? Is the market in equilibrium/excess demand/excess supply? Identify graphically and calculate the amounts of shortage/surplus in the market at these prices.

 

d) It’s rumored that a particular fertilizer that is believed to be positively associated with cancer has been used to grow strawberries. Use the supply and demand diagram for strawberries to illustrate the effect on demand, supply, equilibrium price and equilibrium quantity for strawberries. Illustrate the adjustment process to the new equilibrium.

 

e) A long strike by the farm workers has been blamed for this year’s bad harvest. Use the supply and demand diagram for strawberries to illustrate the effect on demand, supply, equilibrium price and equilibrium quantity for strawberries. Illustrate the adjustment process to the new equilibrium.

Answers

SuperTutor
(15)
Status NEW Posted 12 Jul 2017 03:07 AM My Price 8.00

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