Need answers only for questions 4&5 For each of the following, please indicate (a) if the supply or demand curve shifts or if there is no shift and (b) which direction itshifts and (c) show it graphically. You may show one example of each shift rather than re-drawing them each time (e.g. you onlyneed to draw the supply curve shifting to the left one time and then you can reference that graph.(1) Supply of Oranges: There is a hurricane in Florida that destroys most of the orange tree groves in the state.(2) Demand for Coffee: A new study comes out that shows that drinking coffee increases your risk for developing cancer.(3) Demand for Frosted Flakes: The price of a box of Frosted Flakes increases by $3.(4) Supply of Microscopes: 200 new companies join the market and begin producing microscopes.(5) Supply of Hammers: Federal law changes and the minimum wage is increased by $2/hour.

As per law of supply(SS) the price(P) & quantity supplied(Q) of a good are directly proportional…

You may show one example of each ve shifting to the left one time and theny e is a hurricane in Florida that destroys m Ew study comes out that shows that drinki es: The price of a box of Frosted Flakes in

You may show one example of each ve shifting to the left one time and theny e is a hurricane in Florida that destroys m Ew study comes out that shows that drinki es: The price of a box of Frosted Flakes in

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

Need answers only for questions 4&5

For each of the following, please indicate (a) if the supply or demand curve shifts or if there is no shift and (b) which direction it
shifts and (c) show it graphically. You may show one example of each shift rather than re-drawing them each time (e.g. you only
need to draw the supply curve shifting to the left one time and then you can reference that graph.
(1) Supply of Oranges: There is a hurricane in Florida that destroys most of the orange tree groves in the state.
(2) Demand for Coffee: A new study comes out that shows that drinking coffee increases your risk for developing cancer.
(3) Demand for Frosted Flakes: The price of a box of Frosted Flakes increases by $3.
(4) Supply of Microscopes: 200 new companies join the market and begin producing microscopes.
(5) Supply of Hammers: Federal law changes and the minimum wage is increased by $2/hour.

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