Suppose there is an early freeze in California that reduces the size of the lemon crop. As the price of lemons rises, what happens to consumer surplus in the market for lemons?

Suppose that the market for coffede is in equilibrium at a price of $2.25 per pound and a monthly quantity of 50 million pounds. After a cold winter in South America, people know that the supply of coffee months from now will be sharply reduced. What if anything, will happen in the foffee market now? Explain.

Over the past few year's consumer tastes and the number of buyers in the market for a game called 'pickle ball' have increased dramatically. Thus, the demand for tickets to pickle ball events has increased. Before this all started the equilibrium price of a ticket to a pickle ball event was negative. This means that: A few years ago, there would have been a surplus of tickets even at a price of zero, now the invisible hand has pushed prices to greater than zero. A) A few years ago, the quantity of tickets demanded was less than quantity supplied. B) Pickle ball event tickets resembled the market for recyclable cardboard a few years ago C) Greater demand for pickle ball tournament tickets will lead to a greater demand - and higher pay - for professional pickle ball players. D) All of the above. E) B and D only

On September 14th, 2023, the Canadian government threatened major grocers(Loblaws, Costco, Walmart, etc.) with new taxes if they failed to lower their food prices. Assume that the government imposes such taxes. Using a supply and demand diagram,show what effect this has on the equilibrium in the market for food. Does this help tolower food prices? If you were in charge of the government, how would you reduce food prices for Canadian consumers?

An increase in supply and a decrease in demand occur in a market. What happens to the equilibrium price and quantity?

Must consumers' surplus equal producers' surplus at equilibrium price? please explain

When the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.

Corn and wheat can be grown on the same piece of land (not simultaneously). In addition to this, consumers often view corn and wheat and substitute goods for consumption. Suppose demand for corn increases due to increased demand for Ethanol. Using supply and demand analysis, discuss the effect on the market for wheat.

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:

The island nation of Coconutistan recently suffered an unfortunate accident which took its water treatment plant offline, leaving residents without clean water in their homes. The plant for bottling water was unaffected by the accident. The graph shows the supply and demand for bottled water before the accident. Assume that $6 is the maximum price for a case of bottled water according to the price gouging laws on the island. Shift one or more curves to show the effect of the accident on the market for bottled  water. Price ($)Quantity of bottled water by the case01002003004005006007008009001,000012345678910SupplyDemandPrice ceiling What is the amount of the shortage after the accident? shortage: