Consider the monthly market for whole grain bread in Tasmania with an upward sloping supply curve...

Consider the monthly market for whole grain bread in Tasmania with an upward sloping supply curve and a downward sloping demand curve. The current equilibrium price of whole grain bread is $3 per loaf and 30,000 loaves are bought and sold each month.

Draw a diagram showing the monthly market for whole grain bread in Tasmania. Include and label the demand curve, supply curve, equilibrium price and quantity.

If the price per loaf was temporarily $4 explain how the price would return to the equilibrium price of $3 per loaf.

If the wages of bakers who make the bread increase, show and explain any changes in demand or supply and equilibrium price and quantity of whole grain bread in Tasmania.

d. If the price of margarine increases show in a new diagram and explain any changes in demand or supply and equilibrium price and quantity for whole grain bread in Tasmania. State any assumptions you are making about the relationship between whole grain bread and margarine.

Expert Solution

Rahul Sunny answered 1 year ago

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