E202ProblemSet2.1

E202ProblemSet2.1 - 4. An Arizona student claims to have...

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Problem Set Two Name _____________________ Chapter 3 2. How would each of the following affect the U.S. market supply for corn? Does the supply curve shift left or right and why? a. A new and improved crop rotation technique is discovered. b. The price of fertilizer falls. c. The government offers new tax breaks to farmers. d. A tornado sweeps through Iowa.
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Unformatted text preview: 4. An Arizona student claims to have spotted a UFO over the desert outside of Tucson. How will his claim affect the supply (not the quantity supplied) of binoculars in Tucson stores? 5. What will happen to the equilibrium price and quantity of oranges if the wage paid to orange pickers rises?...
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