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Explain how the following event will affect the demand and supply curves for grape juice The price of grapes increases Explain whether the demand curve
- Explain how the following event will affect the demand and supply curves for grape juice
The price of grapes increases
- Explain whether the demand curve will (i) move to the left; (ii) move to the right; or (iii) not move. EXPLAIN WHY IT DOES THIS
- Explain whether the supply curve will (i) move to the left; (ii) move to the right; or (iii) not move. EXPLAIN WHY IT DOES THIS
- Draw the demand and supply curves before and after the event above.
- You do NOT need to plot the demand curve exactly with actual numbers on the axes
- Make sure your demand and supply curves follow the laws of demand and supply
- Make sure you the curves and axes are appropriately labeled
- Make sure you include arrows indicating movement of curves
- Clearly note the old and new equilibrium prices are quantities are clear.
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