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What will happen to the price of the products GR Dry Foods

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Reference no: EM132878974

Analyze and explain the theory of Demand and Supply and create the graph for demonstrating the following scenario and answer the questions:

G.R. Dry Foods Distributors specializes in the wholesale distribution of dry goods, such as rice and dry beans. The firm's manager is concerned about an article he read in this morning's Wall Street Journal indicating that the incomes of individuals in the lowest income bracket are expected to increase by 10 percent over the next year. While the manager is pleased to see this group of individuals doing well, he is concerned about the impact this will have on G.R. Dry Foods.

Question 1: Explain what will happen to the price of the products G.R. Dry Foods sells? Why?

Reference no: EM132878974

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