Determine whether supply or demand or both will change

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For parts a through d of this problem, determine whether supply or demand, or both, will change. Indicate whether the price and quantity will rise or fall in the indicated market as a result of each change presented. Illustrate each answer graphically. Briefly explain each answer. For part e, follow the separate instructions given.

a. In the market for oranges, the expected future price of oranges rises. Show what happens to supply and demand.

b. Consumers often purchase pens and pencils in place of one another. Show what happens in the market for pencils when the price of pens falls.

c. Pencils and toothpicks are often produced using the same pool of resources. Show what happens in the market for pencils when the price of toothpicks rises.

d. Hamburgers are often produced along with hotdogs, and purchased in place of veggie burgers. Show what happens to the market for hamburgers when the prices of hotdogs and veggieburgers rise.

Reference no: EM13982668

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