Many people make pumpkin pies for Thanksgiving and various autumnal and winter celebrations. Most people who make those pies use canned pumpkin. The pumpkins used to make canned pumpkins are different from the pumpkins you carve for Halloween jack-o-lanterns; canned pumpkins come from what are known as sugar pumpkins, which have much denser walls, are more oval in shape, and are paler in color than Halloween pumpkins. Almost all sugar pumpkins are grown in Illinois. Heavy rains hit Illinois a couple of years ago, and as a result, that year’s crop of sugar pumpkins was much reduced. Explain the effect of heavy rains in Illinois on the equilibrium price and quantity of sugar pumpkins. b. Explain whether the rains in Illinois were A Good Thing or A Bad Thing for growers of sugar pumpkins. Be sure to incorporate the appropriate economic concept into your explanation.
Many people make pumpkin pies for Thanksgiving and various autumnal and winter celebrations. Most people who make those pies use canned pumpkin. The pumpkins used to make canned pumpkins are different from the pumpkins you carve for Halloween jack-o-lanterns; canned pumpkins come from what are known as sugar pumpkins, which have much denser walls, are more oval in shape, and are paler in color than Halloween pumpkins. Almost all sugar pumpkins are grown in Illinois. Heavy rains hit Illinois a couple of years ago, and as a result, that year’s crop of sugar pumpkins was much reduced.
- Explain the effect of heavy rains in Illinois on the
equilibrium price and quantity of sugar pumpkins.
b. Explain whether the rains in Illinois were A Good Thing or A Bad Thing for growers of sugar pumpkins. Be sure to incorporate the appropriate economic concept into your explanation.
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