Assume that the market of yam is in equilibrium, Show that the following events will affect the market in ( demand, supply, equilibrium price, equilibrium quantity). 1. Research has shown that eating more yam cut the risk of heart disease 2.There is an increase in the cost of fertilizer 3. Unexpected rain destroy large portion of yam farm 4. There is a 20% increase in teachers salary and teachers are important consumers of yam assuming yam is a normal good. In each case start from a new equilibrium.
Assume that the market of yam is in equilibrium, Show that the following events will affect the market in ( demand, supply, equilibrium price, equilibrium quantity). 1. Research has shown that eating more yam cut the risk of heart disease 2.There is an increase in the cost of fertilizer 3. Unexpected rain destroy large portion of yam farm 4. There is a 20% increase in teachers salary and teachers are important consumers of yam assuming yam is a normal good. In each case start from a new equilibrium.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 2P
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Assume that the market of yam is in equilibrium, Show that the following events will affect the market in (
1. Research has shown that eating more yam cut the risk of heart disease
2.There is an increase in the cost of fertilizer
3. Unexpected rain destroy large portion of yam farm
4. There is a 20% increase in teachers salary and teachers are important consumers of yam assuming yam is a normal good.
In each case start from a new equilibrium.
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