4.9 For years, Chinese parents bought imported baby formula because of their concerns about the safety of domestic formula. However, in 2013, a major for- eign producer announced that its concentrate might contain botulism. In 2014, the Chinese government yanked production permits for a third of the coun- try's infant formula manufacturers due to safety concerns. Many worried parents stopped buying any formula. The price of formula rose from 350 to 450 yuan (the Chinese currency). Use a supply- and-demand diagram to explain why the price rose. Show the effect on equilibrium quantity.

4.9 For years, Chinese parents bought imported baby formula because of their concerns about the safety of domestic formula. However, in 2013, a major for- eign producer announced that its concentrate might contain botulism. In 2014, the Chinese government yanked production permits for a third of the coun- try's infant formula manufacturers due to safety concerns. Many worried parents stopped buying any formula. The price of formula rose from 350 to 450 yuan (the Chinese currency). Use a supply- and-demand diagram to explain why the price rose. Show the effect on equilibrium quantity.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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