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4. What was the likely impact of Flint’s water crisis on the local demand for frozen and other ready to eat meals and food items? Explain your answer. Use a correctly drawn and labeled demand and supply diagram to illustrate your verbal answer.

Expert Solution

4). Shortage of water due to water crisis will make water expensive. Since water is used for cooking purposes, cooking will also become expensive. As a result homemade cooked food will become relatively expensive in comparison to frozen and ready to eat meals and food. Hence people will substitute homemade cooked food with frozen and ready to eat meals and food. This will increase the demand for frozen and ready to eat meals and food(shown by rightward parallel shift of demand curve). An increase in demand will increase the equilibrium quantity and price of frozen and ready to eat food items.

This is explained with the help of figure below.

Rahul Sunny answered 2 years ago

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