Plz solve in 1/2 hour it's urgent The market for bananas has the following demand and supply functions   Qd= 8 – 3P + Y   Qs = 4 + P + 0.5W   Where Q is quantity, P is price, Y is income and W is an index of weather.   Assume that production is negatively affected by a cyclone. Generate a new supply function accounting for the cyclone shock and assess the effects of poor seasonal conditions on the market outcomes P, Q and revenue

Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
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Plz solve in 1/2 hour it's urgent

The market for bananas has the following demand and supply functions

 

Qd= 8 – 3P + Y

 

Qs = 4 + P + 0.5W

 

Where Q is quantity, P is price, Y is income and W is an index of weather.

 

Assume that production is negatively affected by a cyclone. Generate a new supply function accounting for the cyclone shock and assess the effects of poor seasonal conditions on the market outcomes P, Q and revenue.

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