Module 3 – Demand and Supply 1. “Why Avocado Prices Have Hit All-Time High.” by Helena Horton, The Telegraph, 1 May 2017,...

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Module 3 – Demand and Supply
1. “Why Avocado Prices Have Hit All-Time High.” by Helena Horton, The Telegraph, 1 May 2017, http://www.telegraph.co.uk/news/2017/05/01/avocado-prices-have-hit-all-time-high/
1) Ceteris paribus, the drought in California _____________________ (increased/decreased) ______________________ (demand/supply) for avocados. The equilibrium price of avocados will _____________________ (increase/decrease) and equilibrium quantity of avocados will _____________________ (increase/decrease).
2) Ceteris paribus, the trend in which avocados are lauded as healthy food _____________________ (increased/decreased) ______________________ (demand/supply) for avocados. The equilibrium price of avocados will _____________________ (increase/decrease) and equilibrium quantity of avocados will _____________________ (increase/decrease).
Graph:
1) XXXXXXXXXX2)
2.“COVID-19 Affecting food prices, grocery shopping behaviour.” by Jonathan Muma, News1130, 26 August 2020, https://www.citynews1130.com/2020/08/26/covid-19-affecting-food-prices-grocery-shopping-behaviour/. According to the article, what has caused the change in the price of grocery? Please show your answers graphically.
Graph:Explanation:
3.“Betting on Ethanol, Brazilian Mills Turn Sour on Sugar.” by Ana Ionova and Marcelo Teixeira Reuters, 3 December 2018, https://www.reuters.com/article/us-brazil-ethanol-insight/betting-on-ethanol-brazilian-mills-turn-sour-on-sugar-idUSKBN1O20L7 According to the article, what has caused the change in the price of ethanol? Please show your answers graphically.
Graph:Explanation:
4. Graph the following demand and supply curves and find the market equilibrium quantity and price.
P = 24 - 3QD , P = 5QS + 4. If a price ceiling of $10 is imposed, how much will the shortage or surplus be? (Round your answer to one decimal place.)
Answered 3 days AfterMay 16, 2021

Solution

Preeta answered on May 20 2021
20 Votes

1. Avocado:
1. Decreased, Supply, Increase, Decrease
D S1S
Price
P1E1
P ...

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