Using the information in the application “The Big Freeze” about lettuce industry revenue, create a graph to illustrate why industry revenue may rise after a freeze destroyed some of the crop. Draw a flatter demand curve to show that a freeze could cause revenue to fall.

Using the information in the application “The Big Freeze” about lettuce industry revenue, create a graph to illustrate why industry revenue may rise after a freeze destroyed some of the crop. Draw a flatter demand curve to show that a freeze could cause revenue to fall.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section: Chapter Questions

Problem 1AA

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Step 1: Define demand and supply curves

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Step 2: a. Show the increase the revenue when the supply freezes.

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Step 3: b. Show the case, when the revenue will fall

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