Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Chapter 4, Problem 33P

What happens to the price and the quantity bought and sold in the cocoa market if counties producing cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa? Illustrate your answer with a demand and supply graph.

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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 table below illustrates the market's demand and supply for cheddar cheese.  Price Per Pound[$] Quantity demanded Quantity Supplied 3.00 320 200 3.50 280 220 4.00 240 240 4.50 200 260 5.00 160 280 A new study says that eating cheese is good for your health, so that demand increases by 30% at every price. What is the equilibrium quantity in the market after the study?
How will the market for melons be affected after Hurricane Dean?

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