Answer to Question #133429 in Microeconomics for Gladys

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

Answer 1

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