Consider the market for goat cheese, which is produced from the milk of goats. In each of the following situations, explain the impact in the short run on the equilibrium price and quantity.   Suppose that there is an outbreak of Brucellosis, which is an infection people can get from eating goat cheese. The infection can cause fever and sever intestinal distress. Explain the impact of the outbreak of brucellosis on the equilibrium price and quantity of goat cheese.   For purposes of part b, ignore anything that happened in part a. Suppose that the ingredients in goat food becomes less expensive, so that it is less costly to feed a herd of goats. Explain the effect of the reduction in cost of goat food on the equilibrium price and quantity of goat cheese.

Equilibrium: Where Supply Meets Demand - End of Chapter Problem rise and the equilibrium price will a. If the supply of green tea rises, the equilibrium quantity will is because the equilibrium quantity moves down the demand curve to a lower price and a higher quantity demanded b. Shift the appropriate curve or curves below to show the effect of this change. Market for Green Tea S fall . This

Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in black), the current price of a pound of shrimp is $10, and the current quantity demand for shrimp is 200K. Which of the following correctly describes the effect of a decrease in the price of a pound of shrimp?     A) The price of a pound of shrimp falls to $3, the demand curve shifts left to D'' (red), and the quantity demand for shrimp remains at 200K pounds.       B) The price of a pound of shrimp falls to $3, the demand curve remains at D (black), and the quantity demand for shrimp decreases to 150K pounds.       C) The price of a pound of shrimp falls to $3, the demand curve shifts right to D' (blue), and the quantity demand for shrimp increases to 270K pounds.       D) The price of a pound of shrimp falls to $3, the demand curve remains at D (black), and the quantity demand for shrimp increases to 270K.

Consider the demand for soap shown in Figure 1 above. What is quantity demand for soap if the price of a pound of soap is $10?      A) 210 pounds       B) 248 pounds       C) 286 pounds       D) 305 pounds

Consider the market for economics textbooks. Explain whether the following events would cause an increase or a decrease in supply or an increase or a decrease in the quantity supplied.a) The market price of editorial services increases.b) The market price of economics textbooks increases.c) The number of publishers of economics textbooks increases.d) Publishers expect that the market price of economics textbooks will increase next month.

The market for grape jelly is initially in equilibrium and is shown below. Poor weather conditions have resulted in an unusually low production of grapes. Demonstrate this effect on the equilibrium price and quantity of grape jelly by shifting the appropriate curve on the graph below. Provide your answer below. Price Supply Demand Quantity

The figure below illustrates the market for pumpkins just before the harvest for Halloween. Currently the market equilibrium price of a pumpkin is $6. At that price, consumers would buy them million pumpkins. Suppose a freak storm wipes out 30% of the pumpkin crop. On the graph, shift the appropriate curve to reflect the impact of the storm on the equilibrium price and quantity of pumpkins. figure calculate the price elasticity of demand for pumpkins. Use the midpoint formula. Round your answer to two decimal points.

Consider the supply and demand for electric cars. If the materials used to make specifically electric car batteries become significantly more expensive at the same time that consumer income drastically increases, what will happen to the price and quantity demanded of electric cars?

Market in equilibrium: consider a market for smartphones where the equilibrium price (P*) is $600 per phone, and the equilibrium quantity (Q*) is 100,000 phones per month draw the initial supply and demand graph. qor Q Events: Due to a global shortage of microchips, the cost of producing smartphones increases significantly. Additionally, a new study reveals that smartphone usage can lead to improved cognitive abilities, leading to an increased demand for smartphones. Explain how both the supply and demand curves would be affected. Draw the new supply and demand curves on your graph (in red) and predict the changes in equilibrium price and quantity. I Demand: Supply:

Combine parts 1 and 2. Suppose that the FDA increase regulation of coffee, and a reputable study is published indicating that coffee drinkers have higher rates of Alzheimer’s. What with the combined impact have on the equilibrium price and quantity of coffee? Explain your reasoning and show graphically. Make sure you think this through carefully!