For each of the following, please indicate (a) if the supply or demand curve shifts or if there is no shift and (b) which directic shifts and (c) show it graphically. You may show one example of each shift rather than re-drawing them each time (e.g. you e need to draw the supply curve shifting to the left one time and then you can reference that graph. (1) Supply of Oranges: There is a hurricane in Florida that destroys most of the orange tree groves in the state. (2) Demand for Coffee: A new study comes out that shows that drinking coffee increases your risk for developing cancer. (3) Demand for Frosted Flakes: The price of a box of Frosted Flakes increases by $3. (4) Supply of Microscopes: 200 new companies join the market and begin producing microscopes.

For each of the following, please indicate (a) if the supply or demand curve shifts or if there is no shift and (b) which directic shifts and (c) show it graphically. You may show one example of each shift rather than re-drawing them each time (e.g. you e need to draw the supply curve shifting to the left one time and then you can reference that graph. (1) Supply of Oranges: There is a hurricane in Florida that destroys most of the orange tree groves in the state. (2) Demand for Coffee: A new study comes out that shows that drinking coffee increases your risk for developing cancer. (3) Demand for Frosted Flakes: The price of a box of Frosted Flakes increases by $3. (4) Supply of Microscopes: 200 new companies join the market and begin producing microscopes.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 21RQ: What is the difference between the supply and the quantity supplied of a product, say milk? Explain...

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