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4. Tropicana orange juice is made from oranges, water, and plastic for the bottle. Using supply and demand curves, show the effects of the following events on the market for Tropicana orange juice. Use a separate graph for each question. Be sure to label all axes, curves, and equilibrium points. What happens to price and quantity in each case? a. a decrease in consumer income (Assume a normal good.) b. an increase in the price of plastic c. an increase in the price of Minute Maid orange juice (a substitute) d. Tropicana builds a new, more efficient factory. e. an increase in the price of nail polish.

4. Tropicana orange juice is made from oranges, water, and plastic for the bottle. Using supply and demand curves, show the effects of the following events on the market for Tropicana orange juice. Use a separate graph for each question. Be sure to label all axes, curves, and equilibrium points. What happens to price and quantity in each case? a. a decrease in consumer income (Assume a normal good.) b. an increase in the price of plastic c. an increase in the price of Minute Maid orange juice (a substitute) d. Tropicana builds a new, more efficient factory. e. an increase in the price of nail polish.

Exploring Economics
Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 8P
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4. Tropicana orange juice is made from oranges, water, and plastic for the bottle. Using supply and demand curves, show the effects of the following events on the market for Tropicana orange juice. Use a separate graph for each question. Be sure to label all axes, curves, and equilibrium points. What happens to price and quantity in each case? a. a decrease in consumer income (Assume a normal good.) b. an increase in the price of plastic c. an increase in the price of Minute Maid orange juice (a substitute) d. Tropicana builds a new, more efficient factory. e. an increase in the price of nail polish.
Transcribed Image Text:4. Tropicana orange juice is made from oranges, water, and plastic for the bottle. Using supply and demand curves, show the effects of the following events on the market for Tropicana orange juice. Use a separate graph for each question. Be sure to label all axes, curves, and equilibrium points. What happens to price and quantity in each case? a. a decrease in consumer income (Assume a normal good.) b. an increase in the price of plastic c. an increase in the price of Minute Maid orange juice (a substitute) d. Tropicana builds a new, more efficient factory. e. an increase in the price of nail polish.
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