Will the equilibrium price of orange juice increase

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Will the equilibrium price of orange juice increase or decrease in each of the following situations? Explain and graph each situation.

A. A medical study reporting that orange juice reduces cancer is released at the same time that a freak storm destroys half of the orange crop in Florida.

B. The prices of all beverages except orange juice fall in half while unexpectedly perfect weather in Florida results in an orange crop that is 20 percent larger than normal.

Reference no: EM13998504

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