103 786
Assignments Done
99%
Successfully Done
In November 2021

# Answer to Question #15750 in Microeconomics for amanda

Question #15750
5. 2. Supply and demand for breadfruit.
Quantity Demanded Price Quantity Supplied
180 $1.40 90 170$1.70 110
160 $2.00 130 150$2.30 150
140 $2.60 170 130$2.90 190

a) Graph the Supply and Demand curves, label everything!
b) Find the equilibrium price and quantity. Explain in detail why \$1.40 is NOT the equilibrium price.
c) Suppose that the price of mangos increases. If mangos are a substitute to breadfruit, show how this would affect the graph in part a). Predict the impact on price and quantity of breadfruit.
d) Suppose the farmer has to pay higher wages to breadfruit pickers. How will this affect the supply and demand curves? Predict the impact on equilibrium price and quantity.
e) Suppose c and d happen at the same time. Predict the impact on equilibrium price and quantity.
1
2012-10-02T08:00:14-0400
Submit it with all requirements as an assignment to our control panel and we'll assist you.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!