4) Oranges: Suppose there is a scientific discovery that leads to a more efficient production oforange crops in the US. How would that change shift the supply curve for oranges?a. First, graph the situation with price of oranges and quantity of oranges. Use BLACK forsupply, BLUE for demand. Label supply as Sj and S2 and demand as D1.b. Using your knowledge of the laws of supply and demand, explain the shift(s) that havebeen made in your graph and describe what happened to the equilibrium price andquantity (3-4 bullet points). Label the equilibrium points CLEARLY!c. Add a picture of oranges.

a) when there is an increase in the orange supply it would cause the S1 shift to the S2 and it…

4) Oranges: Suppose there is a scientific discovery that leads to a more efficient production of orange crops in the US. How would that change shift the supply curve for oranges? a. First, graph the situation with price of oranges and quantity of oranges. Use BLACK for supply, BLUE for demand. Label supply as S, and S2 and demand as D1. b. Using your knowledge of the laws of supply and demand, explain the shift(s) that have been made in your graph and describe what happened to the equilibrium price and quantity (3-4 bullet points). Label the equilibrium points CLEARLY! c. Add a picture of oranges.

4) Oranges: Suppose there is a scientific discovery that leads to a more efficient production of orange crops in the US. How would that change shift the supply curve for oranges? a. First, graph the situation with price of oranges and quantity of oranges. Use BLACK for supply, BLUE for demand. Label supply as S, and S2 and demand as D1. b. Using your knowledge of the laws of supply and demand, explain the shift(s) that have been made in your graph and describe what happened to the equilibrium price and quantity (3-4 bullet points). Label the equilibrium points CLEARLY! c. Add a picture of oranges.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4) Oranges: Suppose there is a scientific discovery that leads to a more efficient production of
orange crops in the US. How would that change shift the supply curve for oranges?
a. First, graph the situation with price of oranges and quantity of oranges. Use BLACK for
supply, BLUE for demand. Label supply as Sj and S2 and demand as D1.
b. Using your knowledge of the laws of supply and demand, explain the shift(s) that have
been made in your graph and describe what happened to the equilibrium price and
quantity (3-4 bullet points). Label the equilibrium points CLEARLY!
c. Add a picture of oranges.

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