Question

Show using supply and demand analysis (make sure you demand curve is the right elasticity in...

  1. Show using supply and demand analysis (make sure you demand curve is the right elasticity in the model):  
    1. The effect on the market for fresh tomatoes if abundant rainfall boosts this year’s harvest.
    2. The effect on the market for pharmaceutical medication if there is a fire at Express Scripts medical storage facility
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Answer #1

​​​​​​Answer A) An abundant rainfall which boosts the harvest will lead to a rightward shift of the supply curve as the producers will be able to produce more. As a result they would want to sell more. The figure is given below.

Answer B) A fire at the medical storage facility will lead to an increase in the demand for pharmaceutical medication which will be shown by a rightward shift of the demand curve. The figure is given below.

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