The supply of watermelon is very inelastic in the short run. Draw a diagram that shows how the equilibrium price and quantity change as the demand changes due to particularly low prices for apples, which compete for the consumer's food dollar Label the axes and the prices and quantities both before and after the supply change. Then, write a few sentences explaining what happened to prices relative to quantities and why. 4.
The supply of watermelon is very inelastic in the short run. Draw a diagram that shows how the equilibrium price and quantity change as the demand changes due to particularly low prices for apples, which compete for the consumer's food dollar Label the axes and the prices and quantities both before and after the supply change. Then, write a few sentences explaining what happened to prices relative to quantities and why. 4.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Need help with number 4. I have graphed it but wanting to make sure I did it correct.
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Diagrams should depict the features described in the assignment. There are no
numbers to plot.
The demand for boneless skinless chicken thighs is very elastic. Draw a
1.
diagram that shows how the equilibrium price and quantity change if the
supply of beef cattle changes due to severe winter weather. Label the axes
and the prices and quantities both before and after the supply change. Then,
write a few sentences explaining what happened to prices relative to
quantities and why.
The supply of dragon fruit is very elastic in the short run. Please draw a
diagram that shows how the equilibrium price and quantity change as
demand changes due to a food safety scare affecting American cucumbers,
which are a substitute in consumption. Label the axes and the prices and
quantities both before and after the supply change. Then, write a few
sentences explaining what happened to prices relative to quantities and why.
2.
The demand for onions is very inelastic. Draw a supply/demand diagram that
shows how the equilibrium price and quantity will change when a drought
reduces supply. Label the axes and the prices and quantities both before and
after the supply change. Then, write a few sentences explaining what
happened to prices relative to quantities and why.
The supply of watermelon is very inelastic in the short run. Draw a diagram
that shows how the equilibrium price and quantity change as the demand
changes due to particularly low prices for apples, which compete for the
consumer's food dollar Label the axes and the prices and quantities both
before and after the supply change. Then, write a few sentences explaining
what happened to prices relative to quantities and why.
Focus 目
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3.
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The intersection of demand and supply curve determines the equilibrium price and quantity.
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