Assignment
Suppose we are analyzing the market for oranges in 2017. Graphically illustrate the impact of each of the following events on consumer or producer surplus. See the instruction video, "Week 3_Homework Guideline".
A. In 2017, Wildfires destroyed a majority of orange farms, reducing the orange production substantially, and what would be the impacts on consumer surplus?
(Graphical analysis + written discussions=100 words)
A. The price of apple, orange substitute, decreased in 2017. What would be the impacts on producer surplus?(Graphical analysis + written discussions=100 words)
B. The price of orange in 2018 is expected to rise dramatically compared to 2017. What would be the impacts on consumer surplus or producer surplus?(Graphical analysis + written discussions=100 words)
C. The United States Census Bureau reported that household income dramatically increased in 2017. What would be the impacts on producer surplus?(Graphical analysis + written discussions=100 words).