Econ help needed. **Suppose the price of grapefruit falls drastically.****Instructions:** Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph.**Market for Oranges Graph:**- This is a standard supply and demand graph for the market of oranges.- The vertical axis represents the price per orange.- The horizontal axis represents the quantity of oranges per week.- The supply curve is labeled "S" and is shown as an upward-sloping line.- The demand curve is labeled "D" and is shown as a downward-sloping line.- The intersection of the supply and demand curves indicates the equilibrium price (P*) and quantity (Q*).**Question:**What will happen to the equilibrium price and quantity of oranges?- ☐ Both equilibrium price and equilibrium quantity will increase.- ☐ Equilibrium price will increase and equilibrium quantity will decrease.- ☐ Equilibrium price will decrease and equilibrium quantity will increase.- ☐ Both equilibrium price and equilibrium quantity will decrease.

Grapefruit and oranges are substitute goods which means that they can be use in place of one…

Suppose the price of grapefruit falls drastically. Instructions: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. 0 Price (S/orange) Y Market for oranges Quantity (oranges/week) D O $ What will happen to the equilibrium price and quantity of oranges? P O Both equilibrium price and equilibrium quantity will increase. O Equilibrium price will increase and equilibrium quantity will decrease. Equilibrium price will decrease and equilibrium quantity will increase. O Both equilibrium price and equilibrium quantity will decrease.

Suppose the price of grapefruit falls drastically. Instructions: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. 0 Price (S/orange) Y Market for oranges Quantity (oranges/week) D O $ What will happen to the equilibrium price and quantity of oranges? P O Both equilibrium price and equilibrium quantity will increase. O Equilibrium price will increase and equilibrium quantity will decrease. Equilibrium price will decrease and equilibrium quantity will increase. O Both equilibrium price and equilibrium quantity will decrease.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Econ help needed.

**Suppose the price of grapefruit falls drastically.**

**Instructions:** Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph.

**Market for Oranges Graph:**

- This is a standard supply and demand graph for the market of oranges.
- The vertical axis represents the price per orange.
- The horizontal axis represents the quantity of oranges per week.
- The supply curve is labeled "S" and is shown as an upward-sloping line.
- The demand curve is labeled "D" and is shown as a downward-sloping line.
- The intersection of the supply and demand curves indicates the equilibrium price (P*) and quantity (Q*).

**Question:**

What will happen to the equilibrium price and quantity of oranges?

- ☐ Both equilibrium price and equilibrium quantity will increase.
- ☐ Equilibrium price will increase and equilibrium quantity will decrease.
- ☐ Equilibrium price will decrease and equilibrium quantity will increase.
- ☐ Both equilibrium price and equilibrium quantity will decrease.

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