Needing to check my answer on numeber 3. I have graphed it but wanting to make sure I have understood the question properly. There are no numbers to plot. Just need to graph the demand and supply. ContentAdd-insMediaLinksCommentsHeader & Footerwith a higher price P1 and higher quantity Q1.The demand for onions is very inelastic. Draw a supply/demand diagram thatshows how the equilibrium price and quantity will change when a droughtreduces supply. Label the axes and the prices and quantities both before andafter the supply change. Then, write a few sentences explaining whathappened to prices relative to quantities and whyFocusW

Answered: 3. The demand for onions is very…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Needing to check my answer on numeber 3. I have graphed it but wanting to make sure I have understood the question properly. There are no numbers to plot. Just need to graph the demand and supply.

Content
Add-ins
Media
Links
Comments
Header & Footer
with a higher price P1 and higher quantity Q1.
The demand for onions is very inelastic. Draw a supply/demand diagram that
shows how the equilibrium price and quantity will change when a drought
reduces supply. Label the axes and the prices and quantities both before and
after the supply change. Then, write a few sentences explaining what
happened to prices relative to quantities and why
Focus
W

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The graph for demand and supply of onion can be shown as:

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