The Commerce Department is considering lifting the ban on the import of Brazilian oranges (the world’s largest producer of oranges) into the United States. If a significant number of Brazilian oranges are allowed to be imported into the United States, show the impact on the following: (You should use demand and supply curves. In your explanation, be sure to distinguish between a change in demand and a change in quantity demanded and between a change in supply and a change in the quantity supplied.)
The equilibrium quantity and price of oranges in the US
The equilibrium quantity and price of orange juice in the US
The equilibrium quantity and price of tangerines in the US (assuming tangerines are a substitutes for oranges)