Earlier this year it was reported that the supply of avocados（鳄梨） has fallen because of weather conditions. “…this time last year 360,000 trays were being produced per week, but that figure has fallen below 100,000 trays in recent weeks”. What information would you need about the market for avocadoes to assess whether growers of avocadoes as a group were hurt or helped by these poor weather conditions? Explain. If the demand for avocados is less price elastic than the supply of avocados, what short term impact would this have on the price of avocados (include a graph to help demonstrate your answer)
Earlier this year it was reported that the supply of avocados（鳄梨） has fallen because of weather conditions. “…this time last year 360,000 trays were being produced per week, but that figure has fallen below 100,000 trays in recent weeks”. What information would you need about the market for avocadoes to assess whether growers of avocadoes as a group were hurt or helped by these poor weather conditions? Explain. If the demand for avocados is less price elastic than the supply of avocados, what short term impact would this have on the price of avocados (include a graph to help demonstrate your answer)
Chapter6: Elasticity
Section: Chapter Questions
Problem 11QP: Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price...
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Earlier this year it was reported that the supply of avocados（鳄梨） has fallen because of weather conditions. “…this time last year 360,000 trays were being produced per week, but that figure has fallen below 100,000 trays in recent weeks”.
What information would you need about the market for avocadoes to assess whether growers of avocadoes as a group were hurt or helped by these poor weather conditions? Explain.
If the
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