For each of the five scenarios presented, 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). You must provide detailed explanations your answers.
1. A recession causes the incomes of Americans to fall by 5%.
2. The price of a fertilizer used in growing oranges falls.
3. Orange buyers learn of an increase in the price of other similar citrus fruits.
4. Orange farmers expect the price of oranges to increase in the near future.
5. A new and improved growing technique is discovered.
6. For each scenario presented in Question 1, sketch a graph to illustrate the supply and demand analysis you used to reach your forecast for price and output of oranges. You will have a total of 5 graphs.