Destroying a large number of acres where cotton is grown

Reference no: EM133366661

Using diagrams, show what changes in price an quantity would be expected in the following markets under the senarios given:

a. Haircuts: households experience rising real wages, with the median househoid income increasing by 5%.

b. Hot dogs: New study documents the dangers of processed meats, noting that the risk of heart disease is 16% higher than previously thought for individuais that consume at least one hotdog per week.

c. Stuffed Animals: A category 5 hurricane hits the Carolina coast, destroying a large number of acres where cotton is grown.

d. Construction labor: Immigration policies are relaxed, allowing more lower-skiiled workers to immigrate to the United States in a timely fashion.

e. Go back through each senario, and tell me whether the effect is a change in supply orjust a change in the quantity supplied.

Reference no: EM133366661

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