Explanation for changes in supply and demand

Reference no: EM1374363

Citrus Speculation and Forecasting, Corporation, has been employed by a private consortium of orange growers to forecast what will happen to the price and output of oranges under the situations listed below. What are your predictions? For each part, sketch the graph showing the appropriate demand and supply analysis.

1. A major freeze destroys a large number of the orange trees in Florida.
2. The scientists in the agricultural extension service of the University of Florida discover a way to double the number of oranges produced by each orange tree.
3. The American Medical Association announces that drinking orange juice can reduce the risk of heart attack.
4. The price of grapefruit falls

Reference no: EM1374363

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