Question
In: Economics
2. Use either a shift in demand OR a shift in supply (not both) to GRAPHICALLY...
2. Use either a shift in demand OR a shift in supply (not both)
to GRAPHICALLY represent each of the following situations. Also,
label the graphs correctly and indicate the changes in equilibrium
in each case.
a) The avocado market: Widely publicized studies on the health
benefits of avocado consumption.
b) Crude oil market: Interruption of world supplies as a result of
the war in the Middle East.
c) Orange Juice Market: Increased imports of orange juice from
Brazil.
d) Hotel room occupancy in Mexico: Increased Corvid 19 infection
rate in the USA and Canada, the largest source of tourists to
Mexico.
Four separate graphs, please.
Solutions
Expert Solution
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Ans) 1) When health benefits of avocado are publicized, people's preferences change and their demand for avocados increase. As a result, demand curve for avocado will shift to the right. Both price and quantity will increase.
2) As a result of war in the middle east, supply of crude oil will decrease because oil is mainly imported from these countries. Supply curve will shift to the left. Price will increase and quantity will decrease.
3) Increase in import will increase the supply of orange juice. Supply curve will shift to the right. Price will decrease and quantity will increase.
4) With decrease in number of tourists, demand for hotels will decrease. Demand curve will shift to the left. Both price and quantity will decrease.
Rahul Sunny answered 1 year agoRelated Solutions
Use either a shift in demand of supply to GRAPHICALLY represent each of the following situations....
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Use either a shift in demand of supply to GRAPHICALLY represent each of the following situations....
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Beef market: Increases in the cost of cattle
feed.
Air travel market: Reduced number of travelers due to Covid-19
pandemic.
SUV market: Reduced gasoline prices.
Smartphone market: Technology improvements reduced the cost of
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