You go on vacation for 14 days to an island in the middle of the ocean that is known for selling beautiful pearls. On day one of your vacation, you buy 10 small pearls for $10 from the 100 pearls available. The next day there is a storm that destroys the boats in the area, including the pearl driver's boats. The day you leave, you return to the pearl market and ask to buy 1 more pearl. 1.- estimate the price of pearls would be on the last day of your vacation 2.- would the price rise, decrease or stay the same? 3.- draw 1 diagram showing the supply and demand for pearls on the island before and after the storm. 4.- explain your estimated price for pearls on the last day of your vacation
You go on vacation for 14 days to an island in the middle of the ocean that is known for selling beautiful pearls. On day one of your vacation, you buy 10 small pearls for $10 from the 100 pearls available. The next day there is a storm that destroys the boats in the area, including the pearl driver's boats. The day you leave, you return to the pearl market and ask to buy 1 more pearl.
1.- estimate the price of pearls would be on the last day of your vacation
2.- would the price rise, decrease or stay the same?
3.- draw 1 diagram showing the supply and demand for pearls on the island before and after the storm.
4.- explain your estimated price for pearls on the last day of your vacation
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