The markets have changed, and when there are changes, it also changes the supply or demand of goods and services. Therefore, please give some details discussion/illustration on the 2 topics listed with intext citations from the references provided further below.

1). "This year the weather smiled on us, and we made a good crop," said a wheat farmer in Manitoba. "But just as we made a good crop, the economic situation changed." This quotation brings to mind the saying, "If you are a farmer, the weather is always bad." Using economic theory, how would you explain that this saying might be true? What can you say about the elasticity of demand for wheat and what do you suppose happens to the farmers' total revenue if there is a bumper crop?

2). Along with your textbook reading, review the related videos and article for a background on Canada's marijuana legalization, then respond to the following questions:

Do you see any other economic effects not mentioned or might occur in the longer period?

Which ones concern you and why?

What major changes do you see happening with the demand and supply of the cannabis market in the long run? Discuss any positive or negative economic after-effects mentioned in the article or videos.

Textbook: Hutchinson, E. (2017). Principles of microeconomics. University of Victoria. https://pressbooks.bccampus.ca/uvicecon103/

Youtube Videos:

CBC News: The National. (2015, October 26). How marijuana legalization could change Canada [Video]. YouTube. https://www.youtube.com/watch?v=jjEVHoOrbrY

CBC News. (2018, October 17). Canadians celebrate legal weed [Video]. YouTube. https://www.youtube.com/watch?v=T9N3kufjmic

MSNBC. (2018, October 17). What Canada's marijuana legalization means for the U.S. | Velshi & Ruhle | MSNBC [Video]. YouTube.https://www.youtube.com/watch?v=W5DCEuK94tc

Shingler, B., & Bernstien, J. (2015). How legalized marijuana could change Canadian cities. CBC. https://www.cbc.ca/news/canada/montreal/legalized-marijuana-justin-trudeau-cities-1.3282370

Other useful resourceful factors that explain in the topics:

The Demand Supply Framework

The Demand Curve

Shifting of Demand Curve

Demand Changes Due to Non-Price Factors

The Supply Curve

The Market Equilibrium

Changes in Market Equilibrium

Changes in Demand and Supply