Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Chapter 4.1, Problem 7Q
To determine

Effect of heavy frost in Florida on the equilibrium quantity and price of oranges.

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Question 2 (5 marks) No words allowed, only a diagram with annotations To answer this question only a diagram with annotations is required. Suppose apples and pears are substitutes in consumption. An outbreak of Grumpy Granny Smith fungus has a devastating effect on the size of the apple crop. Show on a diagram how this will affect the market for pears. Indicate how the equilibrium price and equilibrium quantity of pears will change. The direction of any changes should be indicated using arrows. S hp Please turn over. FTSE jse 40
Given the following information about the supply of and demand for apples: Price  Quantity demanded (per month) Quantity Supplied  (per month) P 0.50 12,000 0 0.75 10,000 2,000 1.00 8,000 4,000 1.25 6,000 6,000 1.50 4,000 8,000 1.75 2,000 10,000 2.00 0 12,000   Plot the demand and supply curves, and determine the equilibrium price and quantity. Assuming the market for apples meets the efficiency condition, show the equilibrium price and quantity that maximizes net benefit to society. Identify the area of consumer surplus and the area of producer surplus.
determine how the equilibrium price and quantity of coffee beans change if the price of coffee cherries falls by 25%.
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