About the market for magic beans

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Consider the following information about the market for magic beans. This a perfectly compet-itive market, with upward-sloping supply and downward-sloping demand. Suppose that the market is currently in equilibrium. (a) Assume that both supply and demand are linear. Suppose consumers start enjoying magic beans more than ever. Illustrate this situation graphically. Label old and new equilibrium points (b) Assume now that the economy is back to original equilibrium (i.e. the change above has never happened). Suppose that dark magicians destroy most of the magic beans harvest, and also intro-duce magic pumpkins that are claimed to have even better properties than magic beans. Illustrate this situation graphically. Label old and new equilibrium points. Explain.

Reference no: EM131161642

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