Please explain only question 1, 3 and 4

1. Illustrate each of the following events using a demand Quantity Quantity and supply diagram for bananas. Price Demanded Supplied a. Reports surface that imported bananas are infected $ 6 275 410 with a deadly virus. 500 b. Consumers' incomes drop. $ 7 260 650 C. The price of bananas rises. $ 8 230 d. The price of oranges falls. $ 9 200 800 $10 150 975 e. Consumers expect the price of bananas to decrease in the future. 2. Answer true or false, and if the statement is false, 4. Suppose the government imposed a minimum price of $7 in the schedule of exercise 3. What would occur? change it to make it true. Illustrate your answers on a Illustrate. demand and supply graph. a. An increase in demand is represented by a 5. A common feature of skiing is waiting in lift lines. Does the existence of lift lines mean that the price is not movement up the demand curve. b. An increase in supply is represented by a movement working to allocate the scarce resource? If so, what should be done about it? up the supply curve. c. An increase in demand without any changes in sup- 6. Why are barter systems less common than the use of currency? ply will cause the price to rise. d. An increase in supply without any changes in 7. A severe drought in California has resulted in a nearly demand will cause the price to rise. 30 percent reduction in the quantity of citrus grown 3. Using the following schedule, define the equilibrium and produced in California. Explain what effect this price and quantity. Describe the situation at a price of event might have on the Florida citrus market. $10. What will occur? Describe the situation at a price 8. The prices of the Ralph Lauren Polo line of clothing are of $2. What will occur? considerably higher than those of comparable-quality lines. Yet this line sells more than a J. C. Penney brand Quantity Quantity line of clothing. Does this violate the law of demand? Price Demanded Supplied 9. In December, the price of Christmas trees rises and the quantity of trees sold rises, Is this a violation of the law 500 100 of demand? $ 2 400 120 10. In recent years, the price of artificial Christmas trees $ 3 350 150 has fallen while the quality has risen. What impact has $ 4 320 200 this event had on the price of cut Christmas trees? 300 300 Maner