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Assuming that apples are a normal good, identify how the following events would change the equilibrium price and quantity: A growing economy increases overall wages

Assuming that apples are a "normal" good, identify how the following events would change the equilibrium price and quantity:

  1. A growing economy increases overall wages
  2. Extraordinarily good growing conditions produce a larger than normal crop of apples
  3. Oranges are considered a substitute for apples and an unexpected frost/freeze destroys a substantial portion of the orange crop
  4. Rising gasoline prices make it more expensive to transport apples to market

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1 A growing economy increases overall wages When the overall wages in the economy increase peoples purchasing power also increases As apples are consi... blur-text-image

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