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:
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.
j)Market for DIAPERS:Increase in the number of pregnant women.
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