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Price and output of oranges

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Make a prediction regarding both the price and output of oranges (i.e., for each part, tell me whether you expect the equilibrium price of oranges to rise or fall and whether you expect equilibrium output of oranges to rise or fall).

1. A new and improved growing technique is discovered.

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This assignment talks about changes in demand and supply of oranges. There are five scenarios given for which graphs have to be drawn. Forecasts about price and output have to be made for each scenario. Graphs indicating the shifts in the demand curve and shifts in the supply curve are drawn and forecasts for the same are made for the solution.

Reference no: EM131348141

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