Answered: Use a graph and a written description…

Use a graph and a written description to explain what happens when an oil shortage leads to reduced supplies of synthetic rubber, a resource that is used for both bicycle and motorcycle tires.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter29: Resource Markets

Section: Chapter Questions

Problem 1E

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Use a graph and a written description to explain what happens when an oil shortage leads to reduced supplies of synthetic rubber, a resource that is used for both bicycle and motorcycle tires.

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In the 1960s, water was inexpensive. However, by 1965 Canada saw one of the country’s worst droughts. At this time, the country produced approximately 70 percent of the world’s supply of wheat. The summer of 1966 exploded into flames as over 1,400 fires swept the state. The country was forced to increase its imports of barley and oats (close substitutes of wheat) which were sold at a lower price than wheat. Ottawa was particularly hard hit by the drought. There was a limit on the water that could be consumed. Rising to the challenge, residents reduced their water consumption by 66%. As the drought continued, Ottawa saw more and more evidence of just how valuable water was. Besides being motivated to conserve, residents were also willing to spend more money so they would not be as vulnerable again. a. Graph (supply and demand curve) how the conditions in 1965-66 impacted (i) the water market and (ii) the wheat market.