Reference no: EM137453

Question: On 4 different graphs, illustrate what happens to equilibrium price and quantity in the market for orange juice when:

i)      There is a freeze on orange groves
ii)     Producers agree on an illegal price fixing scheme
iii)    In a widely published article, it is found that Vitamin C definitely neutralize free radicals that can damage cells and tissues and lead to disease
iv)       There is a pronounced decline in the unemployment rate
Give a rationale for your answer in each of the four cases above

Question . Supply, Demand, and Taxes
The market for tennis shoes exhibits the following supply and demand schedules:

P  =  200  -  2Q
P  =  Q

i)      Determine the equilibrium price and quantity in this market
ii)     What would be the consumer and producer burdens of an excise tax of $5?