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What will happen in the market for oranges

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Using the 4-step process, explain the impact each event has on the equilibrium price and quantity and whether it was the result of an increase or decrease in supply or demand. Sketching a graph as an explanation is optional.

1. Consider the market for generic brand sodas, an inferior good. What will happen in the market for generic brand sodas if peoples' incomes rise?

2. Consider the market for delivery pizza. Suppose two events happen simultaneously. First, there is a population increase, and the new generation loves to eat delivery pizza. Second, the local government decides to reduce the subsidies offered to delivery pizza producers. What will happen in the market for delivery pizza?

3. Consider the market for Florida oranges. What will happen in the market for oranges, if a freeze destroys most of the orange trees?

4. Consider the market for iPhones. Suppose two events happen simultaneously. First, new manufacturing technology decreases the time it takes to produce iPhones. Second, the price of other android phones decreases. What will happen in the market for iPhones?

What happens to the equilibrium price and equilibrium quantity in each of the problems. Explain whether the change in equilibrium is a result of a shift in demand or supply and in what direction?

Reference no: EM132790232

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