The market for a brand of yellow maize is in equilibrium. Explain, with the aid of a separate diagram in each case, the effects which each of the following is most likely to have on the equilibrium position: a) Due to the serious drought, there is a reduction in the aggregate harvest. b) A fall in the price of fertiliser, a key input in the production of the yellow maize. c) The price of beef has gone up tremendously and yellow maize is a key feed for beef animals.
The market for a brand of yellow maize is in equilibrium. Explain, with the aid of a separate diagram in each case, the effects which each of the following is most likely to have on the equilibrium position: a) Due to the serious drought, there is a reduction in the aggregate harvest. b) A fall in the price of fertiliser, a key input in the production of the yellow maize. c) The price of beef has gone up tremendously and yellow maize is a key feed for beef animals.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 8WNG
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The market for a brand of yellow maize is in equilibrium. Explain, with the aid of a separate diagram in each case, the effects which each of the following is most likely to have on the equilibrium position:
- a) Due to the serious drought, there is a reduction in the aggregate harvest.
- b) A fall in the price of fertiliser, a key input in the production of the yellow maize.
c) The price of beef has gone up tremendously and yellow maize is a key feed for beef animals.
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