Consider the market for orange juice. In this market, the supply curve is given by Qs = 100PJ-20PO and the demand curve is given by QD = 1000-150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Q1: Assume that Po = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Q2:Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? (Q3: Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice. THIS (Q4:Draw a graph to illustrate your answers. THIS

Consider the market for orange juice. In this market, the supply curve is given by Qs = 100PJ-20PO and the demand curve is given by QD = 1000-150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Q1: Assume that Po = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Q2:Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? (Q3: Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice. THIS (Q4:Draw a graph to illustrate your answers. THIS

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consider the market for orange juice. In this
market, the supply curve is given by Qs =
100PJ-20PO and the demand curve is given
by QD = 1000-150PJ +100PC, where J
denotes orange juice, O denotes Orange, and
C denotes coffee.
Q1: Assume that Po = 10 and Pc = 8.
Calculate the equilibrium price and quantity in
the Orange juice market.
Suppose that a poor harvest season raises the
price of oranges to Po = 15
Q2:Is it possible to reach a market equilibrium
if the price of orange juice Pj remains
unchanged? Why? How much quantity of
orange juice will finally be exchanged on the
market?
(Q3: Find the market price necessary to restore
equilibrium. Deduce the equilibrium quantity
of orange juice.
THIS
(Q4:Draw a graph to illustrate your answers.
THIS

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