I am needing help with graphing number 2. I graphed it but I just need to check it as I am having trouble understanding it EditingName: Megan TaulmanAG BM 102Lesson 05 HomeworkDiagrams should depict the features described in the assignment. There are nonumbers to plot.The demand for boneless skinless chicken thighs is very elastic. Draw adiagram that shows how the equilibrium price and quantity change if thesupply of beef cattle changes due to severe winter weather. Label the axesand the prices and quantities both before and after the supply change Then,write a few sentences explaining what happened to prices relative toquantities and why.1The supply of dragon fruit is very elastic in the short run. Please draw adiagram that shows how the equilibrium price and quantity change asdemand changes due to a food safety scare affecting American cucumberswhich are a substitute in consumption. Label the axes and the prices andquantities both before and after the supply change. Then, write a fewsentences explaining what happened to prices relative to quantities and why3The demand for onions is very inelastic. Draw a supply/demand diagram thatshows how the equilibrium price and quantity will change when a droughtreduces supply Label the axes and the prices and quantities both before andafter the supply change. Then, write a few sentences explaining whatDFocusTTITI

Answered: The supply of dragon fruit is very…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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I am needing help with graphing number 2. I graphed it but I just need to check it as I am having trouble understanding it

Editing
Name: Megan Taulman
AG BM 102
Lesson 05 Homework
Diagrams should depict the features described in the assignment. There are no
numbers to plot.
The demand for boneless skinless chicken thighs is very elastic. Draw a
diagram that shows how the equilibrium price and quantity change if the
supply of beef cattle changes due to severe winter weather. Label the axes
and the prices and quantities both before and after the supply change Then,
write a few sentences explaining what happened to prices relative to
quantities and why.
1
The supply of dragon fruit is very elastic in the short run. Please draw a
diagram that shows how the equilibrium price and quantity change as
demand changes due to a food safety scare affecting American cucumbers
which are a substitute in consumption. Label the axes and the prices and
quantities both before and after the supply change. Then, write a few
sentences explaining what happened to prices relative to quantities and why
3
The demand for onions is very inelastic. Draw a supply/demand diagram that
shows how the equilibrium price and quantity will change when a drought
reduces supply Label the axes and the prices and quantities both before and
after the supply change. Then, write a few sentences explaining what
DFocus
TTITI

Expert Solution

Step 1.

When a food safety scare affects cucumbers, demand for cucumber decreases, and demand for dragon fruit, a substitute, increases. Demand curve for dragon fruit shifts rightward, increasing its price and increasing its quantity.

In following graph, D0 and S0 are initial demand and supply curves, intersecting at point A with initial price P0 and quantity Q0 (as supply is very elastic, S0 is flatter than D0). Higher demand shifts D0 right to D1, intersecting S0 at point B with higher price P1 and higher quantity Q1.

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