Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

With the aid of a diagram, show the effect of the following changes on the equilibrium price, quantity and equilibrium point. a) Market for tomatoes:

With the aid of a diagram, show the effect of the following changes on the equilibrium price, quantity and equilibrium point.

a)Market for tomatoes: Massive flood has destroyed 50% of the tomatoes on the tomato field.

b)Market for coca cola: Price of coca cola has gone up.

c)Market for bread: Consumer's income has increased and cost of production has increased.

d)Market for housing: increase in the number of marriages and increase in the price of construction materials.

e)Market for beer: Government imposes a sales tax on beer.

f)Market for maize: Increase in the number of maize farmers and increase in consumer taste for maize.

g)Market for Samsung phone: People switch to Huawei.

h)Market for Education: Increase in the price of school fees.

i)Money Market: Increase in the lending rate.

Market for DIAPERS: Increase in the number of pregnant women

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Law Today The Essentials

Authors: Roger LeRoy Miller

12th Edition

035703791X, 9780357037911

More Books

Students also viewed these Economics questions

Question

Explain all drawbacks of the application procedure.

Answered: 1 week ago

Question

Determine Leading or Lagging Power Factor in Python.

Answered: 1 week ago