With the aid of a diagram, show the effect of the following changes on the equilibrium price,
Question:
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