Question

6.According to research I published with Liam Elbourne, my former student, WesternRoman emperors were more likely to be assassinated following droughts. The drought made Roman soldiers hungry and angry, and this translated into a higher risk of political violence. Clearly explain this situation using a supply and demand diagram in the market for grains. (15%)

Answer 1

Answer : Drought made reduction in supply of grains than demand for grains. When supply of gains is less than demand for grains. It created rise in prices of grains due to more demand than supply of grains.

Due to rise in prices of grains it's affordability decreases this

Due to drought, supply curve will shift leftward from SS to S0 S0 that will cause prices rises from P1 to P2 and decrease quantity supplied from Q1 to Q0.

Hence concluded that due to drought, Price will rise with decrease in quantity supplied.

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