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Economic analysis of Produce Prices Down in California

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Reference no: EM132153217

Principles of Microeconomics Assignment - Newspaper Article Analysis

Conduct an economic analysis of "Produce Prices Down in California, Report Says". Please follow the guidelines in the rubric to avoid unnecessary penalties.

For the economic analysis consider the market for fruits over the 52 week period.

(a) Consider the information on changes in dollar sales, prices, and pounds in the fruit market. Assuming a change in only one of supply or demand, what is happening in the market for fruit? Show and explain using a supply and demand diagram.

(b) Consider your answer from part (a) and, again, the information on changes in dollar sales, prices, and pounds for fruit. What does this information tell us about price elasticity?

(c) Again, consider the information on changes in dollar sales, prices, and pounds for fruit. Calculate price elasticity. Are you calculating price elasticity of demand or elasticity of supply?

(d) Consider the markets for apples, grapes, peaches, and pears. Use the equation TR = P • Q. For each of these markets determine whether the price has increased or decreased and by how much the price has increased or decreased.

(e) From your calculations in (d), and assuming only one shift in supply or demand, show and explain each scenario in a supply and demand diagram.

(f) Using information from (d) and (e), calculate the price elasticity. Are you calculating elasticity of demand or elasticity of supply?

(g) Present your results in a table. The table should summarize price changes, quantity changes, and price elasticities for fruit, apples, grapes, peaches, and pears. Also include in your table the literature values from the journal article provided. Be sure to cite the results correctly in APA style.

(h) Write a short summary of your analysis and results. Use proper APA citation.

Attachment:- Newspaper Article Analysis Assignment File.rar

Reference no: EM132153217

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len2153217

10/29/2018 2:34:37 AM

You may work in groups of up to three people. Use a ruler to draw all graphs (or you will get zero on the graphs). Please submit your neatly handwritten solutions on letter size, ruled paper. Write on only one side of the paper. Staple your sheets of paper together once in the top left corner. Write your name(s) and student number(s) in the top right corner. Failure to follow the rules for submission will result in significant deductions. Conduct an economic analysis of “Produce Prices Down in California, Report Says”. Please follow the guidelines in the rubric to avoid unnecessary penalties. Due 9 or 10 at the beginning of your class. Write a short summary of your analysis and results. Use proper APA citation.

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