What is the effect of the equilibrium price and quantity of orange juice of the

Question

What is the effect of the equilibrium price and quantity of orange juice of the following events if they occur one at a time?

a. The price of apple juice descreases: equilibrium price _______equiibrium qunatity ________

b. The price of apple juice decreases, and the wage rate paid to orange grove workers increases

    -equilibrium price_________equilibrium quantity________

c. Orange juice becomes more popular, and a cheaper machine for picking oranges is used

    -equilibrium price__________equilibrium quantity_________

d. Joggers switch from bottle water to orange juice

    -equilbirum price__________ equiblibrium quantity________

Explanation / Answer

a. The price of apple juice descreases: equilibrium price decreases equiibrium qunatity increases

b. The price of apple juice decreases, and the wage rate paid to orange grove workers increases

    -equilibrium price increases  equilibrium quantity decreases

c. Orange juice becomes more popular, and a cheaper machine for picking oranges is used

    -equilibrium price decreases equilibrium quantity increases

d. Joggers switch from bottle water to orange juice

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.