Case study:Economics

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Suppose we are analyzing the market for oranges in 2017. Graphically illustrate the impact of each of the following events would have on supply and demand curves. Also show how equilibrium price and quantity would change in each scenario. See instruction video, “Week 2_Homework Guideline.ppsm”. Make sure you provide narrative discussions on each scenario to receive full credits

A. In 2017, Wildfires destroyed a majority of orange farms, reducing orange production substantially (minimum words requirement: 100 words)

B. The price of apple, orange substitute, decreased in 2017.

(minimum words requirement: 100 words)

C. The price of orange in 2018 is expected to rise dramatically compared to 2017

(minimum words requirement: 100 words)

D. The United States Census Bureau reported that household income dramatically increased in 2017

(minimum words requirement: 100 words)

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