**Transcription for Educational Website****Discussion Topic: Changes in Demand for Bananas**Consider the following scenario and its implications on demand:**Scenario:**Imagine if it was recently discovered that bananas have numerous extraordinary benefits. Specifically, they:- Shorten colds- Eliminate cancer- Can be used as clean burning fuel in a Volkswagen yellow convertible bug**Task:**- Show graphically, in one graph, the potential impact on the demand for bananas.**Graph Explanation:**You would generally expect the demand curve for bananas to shift to the right. This is because the new discoveries significantly increase the desirability and utility of bananas, therefore increasing consumer interest and demand. In the graph:- The X-axis represents the quantity of bananas.- The Y-axis represents the price of bananas.- The original demand curve should be labeled as "D1," and the new, shifted demand curve as "D2."Such a scenario is expected to result in a higher equilibrium price and quantity for bananas in the market.

The discovery that usages of banana reduces the chance of cancer and can be used for clean burning…

) Show graphically, in one graph, what would happen to the demand for bananas if it was recently discovered that they shortene colds, eliminated cancer, and could be used for clean burning fuel in a Volkswagen yellow convertible bug.

) Show graphically, in one graph, what would happen to the demand for bananas if it was recently discovered that they shortene colds, eliminated cancer, and could be used for clean burning fuel in a Volkswagen yellow convertible bug.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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