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sessment arch Question 3 (13 marks) Maximum word count: 250 words South African pineapple exports decreased by 15% from 2022 to 2023. The South African Pine Growers' Association has identified the worsening of the country's electricity and logistics problems as a significant driver behind the drop in exports. This decrease in exports forced producers to process the pineapples locally, leading to an increase in the production of Porky Pine Pops. However, Porky Pine Pops is considered an inferior good. Simultaneously, households experienced a decrease in real income due to an increase in unemployment resulting from load-shedding. Explain how the market for Porky Pine Pops is affected by these changes. Clearly indicate the effect on the equilibrium price and equilibrium quantity of Porky Pine Pops. You should use a combination of diagrams and written explanations in your answer. 21:2 21°C Sunny AORENG 2024/0

sessment arch Question 3 (13 marks) Maximum word count: 250 words South African pineapple exports decreased by 15% from 2022 to 2023. The South African Pine Growers' Association has identified the worsening of the country's electricity and logistics problems as a significant driver behind the drop in exports. This decrease in exports forced producers to process the pineapples locally, leading to an increase in the production of Porky Pine Pops. However, Porky Pine Pops is considered an inferior good. Simultaneously, households experienced a decrease in real income due to an increase in unemployment resulting from load-shedding. Explain how the market for Porky Pine Pops is affected by these changes. Clearly indicate the effect on the equilibrium price and equilibrium quantity of Porky Pine Pops. You should use a combination of diagrams and written explanations in your answer. 21:2 21°C Sunny AORENG 2024/0

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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sessment arch Question 3 (13 marks) Maximum word count: 250 words South African pineapple exports decreased by 15% from 2022 to 2023. The South African Pine Growers' Association has identified the worsening of the country's electricity and logistics problems as a significant driver behind the drop in exports. This decrease in exports forced producers to process the pineapples locally, leading to an increase in the production of Porky Pine Pops. However, Porky Pine Pops is considered an inferior good. Simultaneously, households experienced a decrease in real income due to an increase in unemployment resulting from load-shedding. Explain how the market for Porky Pine Pops is affected by these changes. Clearly indicate the effect on the equilibrium price and equilibrium quantity of Porky Pine Pops. You should use a combination of diagrams and written explanations in your answer. 21:2 21°C Sunny AORENG 2024/0
Transcribed Image Text:sessment arch Question 3 (13 marks) Maximum word count: 250 words South African pineapple exports decreased by 15% from 2022 to 2023. The South African Pine Growers' Association has identified the worsening of the country's electricity and logistics problems as a significant driver behind the drop in exports. This decrease in exports forced producers to process the pineapples locally, leading to an increase in the production of Porky Pine Pops. However, Porky Pine Pops is considered an inferior good. Simultaneously, households experienced a decrease in real income due to an increase in unemployment resulting from load-shedding. Explain how the market for Porky Pine Pops is affected by these changes. Clearly indicate the effect on the equilibrium price and equilibrium quantity of Porky Pine Pops. You should use a combination of diagrams and written explanations in your answer. 21:2 21°C Sunny AORENG 2024/0
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