1. Graph and explain the impact to the market supply of lettuce if farm workers get...
1. Graph and explain the impact to the market supply of lettuce if farm workers get higher wages. Be sure to show the change in equilibrium price and equilibrium quantity.
2. Assume a farmer could either grow soybeans OR sugar beets on their land. What would happen to the market supply of sugar beets if the market price of soybeans increased by 20%? Graph and explain.
3. Graph and explain why prices below equilibrium are unstable.
Homework Answers
1.The supply falls due to rise in wages.This is because cost of production rises with rise in wage rate.The supply curve shifts to the left increasing price and reducing quantity.
2.The farmer will switch to producing soyabeans for which price is higher than sugar beats.The supply falls.
Graph same as 1.
3.When price is below equilibrium level there is excess demand.Excess demand exert upward pressure on the price to rise so that equilibrium is restored.
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