Question
Explain each of the following statements using supply-and-demand diagrams and three steps method you have learned in class. (Marks will be deducted if steps are
Explain each of the following statements using supply-and-demand diagrams and three steps method you have learned in class. (Marks will be deducted if steps are not explained in detail)
a. When a cold snap hits Florida, the price of orange juice rises in supermarkets throughout Canada.
b. When the weather turns cold in Canada every Winter, the prices of hotel rooms in Caribbean resorts rise.
c. When a war breaks out in the Middle East, the price of gasoline rises in Canada, while the price of a used SUV falls. (2 diagrams for this part; one for each market; gasoline, SUVs).
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