Draw another diagram showing what happens in vodka market

Reference no: EM131524657

Question: 1. Consider three markets. These markets are for oranges, oranges juice and vodka. In thisquestion these markets are related as follows. Oranges are an input for orange juice production. Orange juice and vodka are complements. In this question these markets are not related in any way other than is stated above. Suppose there is an increase in demand for oranges. To answer this question, draw three demand and supply diagrams (as specified below). For each diagram you must label which market it refers to, show clearly how the demand or supply curve shifts, and clearly show how the equilibrium price changes. For each diagram you must provide a written explanation.

(a) First, draw a diagram showing what happens in the orange market.

(b) Then, draw another diagram showing what happens in the orange juice market.

Reference no: EM131524657

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