Supply and Demand Analyses and Graphing
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Citrus Speculation and Forecasting, Inc. has been hired by a private consortium of orange growers to predict what will happen to the price and output of oranges under the conditions below. What are your predictions? Sketch a graph.
a. A major freeze destroys a large number of orange trees in Florida.
b. The scientists in the agricultural extension service of the University of Florida discover a way to double the number of oranges produced by each oranges tree.
c. The American Medical Association announces that drinking orange juice can reduce the risk of heart attack.
d. The price of grapefruit falls.
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Solution Summary
This solution gives a step-by-step illustration of the supply and demand changes. This examples given were based on Citrus Speculation and Forecasting, Inc., an orange grower.
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a. A major freeze destroys a large number of orange trees in Florida.
Answer: There will be a decrease in the output of oranges. Price of oranges would go up.
Please see the detailed illustration in the attached file.
b. The scientists in the agricultural extension ...
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