using well labelled diagrams, explain how the equilibrium quantity of apples will change as a result of the following:
2.2.1 a change in the wages of farm workers from R150 per day to R200 per day
2.2.2 a decrease in the price of fertilizers and concurrent increase in the demand for apple juice
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Expert's answer
2018-04-12T09:39:13-0400
2.2.1 A change in the wages of farm workers from R150 per day to R200 per day will cause a decrease in supply, so the equilibrium price will increase and equilibrium quantity of apples will decrease. 2.2.2 A decrease in the price of fertilizers and a concurrent increase in the demand for apple juice will cause an increase in supply, so the equilibrium price will fall and equilibrium quantity of apples will increase.
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