Suppose the following graph shows the market supply for avocados. A severe drought destroys much of the crop of avocados. Show the impact of the severe drought by shifting the supply curve on the following graph.

ENGR.ECONOMIC ANALYSIS
14th Edition
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Author:NEWNAN
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Chapter1: Making Economics Decisions
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Suppose the following graph shows the market supply for avocados. A severe drought destroys much of the crop of avocados.
Show the impact of the severe drought by shifting the supply curve on the following graph.
Suppose the following graph shows the current market supply for gasoline. Firms expect the price of gasoline to rise in the near future.
Show the impact of the expected future increase in gasoline prices on the current supply for gasoline by shifting the supply curve on the following
graph.
Supply
Supply
QUANTITY (Litres of gasoline)
PRICE (Dollars per litre)
Transcribed Image Text:Suppose the following graph shows the current market supply for gasoline. Firms expect the price of gasoline to rise in the near future. Show the impact of the expected future increase in gasoline prices on the current supply for gasoline by shifting the supply curve on the following graph. Supply Supply QUANTITY (Litres of gasoline) PRICE (Dollars per litre)
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