Question 3) A storm in New South Wales destroyed thousands of hectares of pineapple crops. Pineapple farmers whose crops were destroyed by the storm were much worse off, but those whose crops were not destroyed benefited from the storm. a. Draw appropriate supply & demand graph(s) to illustrate the effects of the storm on the market for pineapples. In your own words, explain which curve(s) would shift and the reason behind the shift. b. Comment clearly on the changes in price and quantity of pineapples in the aftermath of the storm. c. What would happen to the price and quantity of bananas, considering the effects on the market for pineapples above? Draw appropriate supply & demand graph(s) to illustrate your answer. Question 4) Hashtags such as “toiletpaperapocalypse”, “toiletpapergate”, etc were trending on Twitter in Australia in early March 2020. Such trends occurred as a significant number of Australians rushed to panic-buying toilet papers amid fears of the coronavirus outbreak. When asked, many shoppers said they wanted to stockpile in case the virus was to spread across the community. a. Draw appropriate supply & demand graph(s) to illustrate the effects of the above shock on the market for toilet papers in Australia. In your own words, explain which curve(s) would shift and the reason behind the shift. b. Comment clearly on the changes in price and quantity of toilet papers in Australia following the shock above. c. Supermarkets have vowed not to increase the price of toilet papers. At the same time, they have moved to limit purchases to 4 packs per customer. What would happen to the market of toilet papers following the above policies by supermarkets? Draw appropriate graph(s) to illustrate your answer.
Question 3) A storm in New South Wales destroyed thousands of hectares of pineapple
crops. Pineapple farmers whose crops were destroyed by the storm were much worse off,
but those whose crops were not destroyed benefited from the storm.
a. Draw appropriate supply &
the market for pineapples. In your own words, explain which curve(s) would shift and
the reason behind the shift.
b. Comment clearly on the changes in
of the storm.
c. What would happen to the price and quantity of bananas, considering the effects on
the market for pineapples above? Draw appropriate supply & demand graph(s) to
illustrate your answer.
Question 4) Hashtags such as “toiletpaperapocalypse”, “toiletpapergate”, etc were trending
on Twitter in Australia in early March 2020. Such trends occurred as a significant number
of Australians rushed to panic-buying toilet papers amid fears of the coronavirus
outbreak. When asked, many shoppers said they wanted to stockpile in case the virus was
to spread across the community.
a. Draw appropriate supply & demand graph(s) to illustrate the effects of the above
shock on the market for toilet papers in Australia. In your own words, explain which
curve(s) would shift and the reason behind the shift.
b. Comment clearly on the changes in price and quantity of toilet papers in Australia
following the shock above.
c. Supermarkets have vowed not to increase the price of toilet papers. At the same time,
they have moved to limit purchases to 4 packs per customer. What would happen to
the market of toilet papers following the above policies by supermarkets? Draw
appropriate graph(s) to illustrate your answer.
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