Suppose the supply function for avocados (in avocados per month) isQ = 58 + 15p – 20pf,where p; is the price of fertilizer per Ib. If the price of fertilizer rises by $1.80 perIb., how will this affect the supply curve for avocados?If the price of fertilizer rises by $1.80 per Ib., then the supply of avocados willchange by avocados per month at each price. (Enter your response as awhole number and include a minus sign if necessary.)个Using the line drawing tool, show how an increase in the price of fertilizer affectsthe avocado supply curve. Label this new supply curve 'S.Carefully follow the instructions above, and only draw the required object.Q, Quantity of avocados per monthp, $ per avocado

Increase in price is given by $ 1.80. We have to find the change in quantity.

Answered: Suppose the supply function for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Cinnamon Toast Crunch cereal and Trix cereal are considered substitute goods. Because of this, one would predict that, holding all else constant, if the price of Cinnamon Toast Crunch cereal increases, we would see
Using the supply and demand functions below, derive the demand and supply curves if Y=$55,000 and pc=$9. What is the equilibrium price and quantity of coffee? Part 2 The demand function for coffee is Q=8.5−p+0.01Y, where Q is the quantity of coffee in millions of pounds per year, p is the price of coffee in dollars per pound, and Y is the average annual household income in high-income countries in thousands of dollars. The coffee supply function is Q=9.6+0.5p−0.2pc, where pc is the price of cocoa in dollars per pound.
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Hg
Suppose the demand function for avocados is Q=104-40p + 20p₁ +0.01Y, where p is the price of avocados, p, is the price of tomatoes, and Y is average income, and the supply function for avocados is where p, is the price of fertilizer. Suppose p = $0.80, Y = $4,000, and p = $0.40. What is the equilibrium price and quantity of avocados? The equilibrium price of avocados is and the equilibrium quantity is Q=58+15p -20pf, and the equilibrium quantity is p=$2 Q = 80 units. (Enter your responses rounded to two decimal places.) Suppose the government charges a $2.20 specific tax per avocado to be paid by consumers. With the tax, the equilibrium price of avocados is p=$ Q= units.
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