101hwk2 - SHOW the changes in the market on the graph and...

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Name:_________________________ ECO 101 830 Principles of Microeconomics Homework #2, due Monday, 2/19 1. For each event described below, explain what happens to either the demand or supply curve. (increase/decrease? Shifts left or right?) a) What happens to the demand for fur coats if PETA wages a successful campaign against animal cruelty? b) What happens to the supply of orange juice if Florida is hit with very severe weather? c) What happens to the demand for beef if concerns about avian flu lead to widespread euthanizing of chickens in U.S. poultry farms? 2. For each part below,
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Unformatted text preview: SHOW the changes in the market on the graph and EXPLAIN what happens to equilibrium quantity and price (increase or decrease?) in the space provided . a) In the market for SUVs, gasoline prices rise 25% over a six-month period. b) In the market for coffee, severe global weather systems destroy 30% of the coffee bean crop. c) In the market for cereal, the price of cardboard rises. 3. Consider the graph below: a) What type of graph is the graph above? b) Give TWO conclusions can we draw about the graph above (there are many right answers here) 2002...
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101hwk2 - SHOW the changes in the market on the graph and...

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