What would an economist expect to happen to the equilibrium price and quantity of orange juice?

What would an economist expect to happen to the equilibrium price and quantity of orange juice?
February 4, 2021 Comments Off on What would an economist expect to happen to the equilibrium price and quantity of orange juice? Assignment Assignment help

Suppose a hurricane wipes out half the orange crop in Florida. Use the tools you learned about in Chapter 4 to answer the following questions: 1. What would an economist expect to happen to the equilibrium price and quantity of orange juice? Identify the shifter in the orange juice market in your explanation. What would an economist expect to happen to the equilibrium price and quantity of mimosas (Mimosa = Orange Juice Champagne) ? Identify the shifter in the mimosa market in your explanation. 2. What would an economist expect to happen to the equilibrium price and quantity of apples? Identify the shifter in the apple market in your explanation. 3. Would you expect this to have a major impact on the US economy as a whole? Why or why not? Do you think a macroeconomist would study the above scenario? Explain.

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