A market for cherries is initially in equilibrium. Determine what happens to the equilibrium quantity (Qc) and equilibrium price (Pc) of cherries if th following two events occur simultaneously. 1) Increase in price of blueberries. Assume blueberries and cherries are substitutes. 2) Increase in wage for the workers in cherry farms. If both events (1) and (2) occurs at the same time: equilibrium Qc (increases/decreases/ambiguous) and equilibrium Pc (increases/decreases/ambiguous)

A market for cherries is initially in equilibrium. Determine what happens to the equilibrium quantity (Qc) and equilibrium price (Pc) of cherries if th following two events occur simultaneously. 1) Increase in price of blueberries. Assume blueberries and cherries are substitutes. 2) Increase in wage for the workers in cherry farms. If both events (1) and (2) occurs at the same time: equilibrium Qc (increases/decreases/ambiguous) and equilibrium Pc (increases/decreases/ambiguous)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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