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5. Changes in resource demand In this question, you'll explore the effect of a flood in Washington State on the price of raspberries in the
5. Changes in resource demand In this question, you'll explore the effect of a flood in Washington State on the price of raspberries in the United States, as well as on the daily wages of raspberry pickers in Oregon. Assume that raspberry buyers don't care whether their raspberries come from Washington State or Oregon. On the following graph, show the effect the flood in Washington State has on the market for raspberries in the United States by shifting either the demand curve, the supply curve, or both. Market for Raspberries in the United States 20 O 18 Supply Demand 18 14 12 Supply 10 PRICE (Dollars per quart) Demand N 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of quarts of raspberries) Based on the graph for the market for raspberries in the United States, the flood has caused the price of raspberries in the United States toBased on the graph for the market for raspberries in the United States, the flood has caused the price of raspberries in the United States to The following graph shows the daily market for raspberry pickers in Oregon. Show the effect of the change in the price of raspberries in the United States on the market for raspberry pickers in Oregon by shifting either the demand curve, the supply curve, or both. (? Market for Raspberry Pickers in Oregon O Supply Demand O Supply WAGE (Dollars per worker) Demand decreases LABOR (Thousands of workers) increases As a result of the change in the price of raspberries, the wage level for raspberry pickers in Oregon
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