How would affect the equilibrium price

Reference no: EM133435913

Assignment:

Show on a graph and explain how each of the following would affect the equilibrium price and quantity in a perfectly competitive market.

The effect of a decrease in the price of iron ore on the market for automobiles.
The effect of a study showing negative effects of red meat consumption on health on the market for hamburgers.
The effect of freezing weather that destroys a large share of the orange crop. (Assume oranges are a normal good.)
The effect of a cyclone that destroys a large share of Australian banana trees and a simultaneous decrease in income on the market for bananas. (Assume bananas are an inferior good.)
The effect of a new, more efficient technique for making bread on the market for pasta. (Make your own assumptions about the relationships between bread and pasta.)

Reference no: EM133435913

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