can someone help me with these questions please

' ,._. DEPARTMENT OF ECONOMICS ' _. ; ECON 1000: Principles of Economics 1. 3. 5. Problem Set 3: The Market Model How would each of the following occurrences likely affect the market diagram for ganja? (that is, which curve will shift and in what direction?) a) A rise in violent crime distracts police from interdicting gania trafcking. h) A rise in violent crime distracts police from arresting ganja smokers. c) A new study reveals that ganja use is promotes heart disease. :1) The price of farming equipment rises. e) The frequency of hurricanes increase. 0 The government imposes a higher tax on alcoholic drinks. g) The price of lamaican ginger on the world market rises. What will happen to the equilibrium price and quantity of a) oranges, if the wages paid to orange pickers rise? bl sh, if fish oil is found to delay the onset of dementia in old age? c] taxi trips, if police were to enforce having proper documentation (registration, tness certication. and insurance) on vehicles used as taxis? :1) beef, if the price of chicken falls? What will happen to the equilibrium price and quantity of yam if an improved fertilizer becomes available (at the same cost as the of old fertilizer)? Why don*t farmers charge the same old price and make extra prots? Use the market mechanism to explain why a) the growth of China is the reason for the rise in world oil prices. b) food prices rise after a tropical storm passes over Jamaica. :1 hotels on the North Coast offer discounted rates when North America experiences a warmer than usual winter. Imagine a series of wells tapping into a seemingly:r unlimited source of water. The only cost of bringing the water to the surface is the energy to power the electric pump. lllu strate this market in the market model. What do you expect to happen to the price of water if there is increased public awareness of the health benets of drinking water? At an art market. held in a park every Saturday morning, sketch artists set up their easels and wait for customers who -' . want to have their portraits done. Each artist can do only one portrait each market day, but because the artists are not equally skilled, the work is more dicult for some and so each has a different reservation price - the price that barely makes it worth the effort to do the drawing and below which he or she is not willing to do the work. The reservation prices of the artists and the urillingness-topay of the Customers on one particular day are shown in the table. a) What is the equilibrium price in this market? bl Calculate the amounts of consumer surplus and producer surplus. and the total welfare created by this market