Illustrate the following with supply and/or demand curves: In Joseph Heller's iconic novel, Catch 22, one of the characters was paid by the government to not grow alfalfa. According to the story's narrator, "The more alfalfa he did not grow, the more money the government gave him, and he spent every penny he didn't earn on new land to increase the amount of alfalfa he did not produce." 1.) Using the line drawing fool, illustrate the effect of this shock on the supply or demand curve. Label your line 'Shock'. 2.) Using the point drawing fool, locate the new equilibrium point. Label your point 'E. Carefully follow the instructions above and only draw the required objects.

Illustrate the following with supply and/or demand curves: In Joseph Heller's iconic novel, Catch 22, one of the characters was paid by the government to not grow alfalfa. According to the story's narrator, "The more alfalfa he did not grow, the more money the government gave him, and he spent every penny he didn't earn on new land to increase the amount of alfalfa he did not produce." 1.) Using the line drawing fool, illustrate the effect of this shock on the supply or demand curve. Label your line 'Shock'. 2.) Using the point drawing fool, locate the new equilibrium point. Label your point 'E. Carefully follow the instructions above and only draw the required objects.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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