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Use a supply and demand analysis to predict what will happen to the equilibrium price and quantity of oranges if oranges are discovered to help prevent colds AND excellent weather has increased the number of oranges that can be harvested.You must provide clearly labelled supply and demand diagrams.You must also provide well-written economic arguments supporting your diagrams.
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Question 3
The market for wheat has the following demand and supply schedules:
Price ($/tonne)
4
5
6
7
8
9
10
Quantity Demand (100 tonnes)
135
104
81
68
53
39
0
Quantity Supplied (100 tonnes)
26
53
81
98
110
121
133
a) What is the equilibrium price and quantity in this market?
b) Suppose a price floor was implemented in this market equal to $8/tonne. Calculate the excess demand or excess supply
created by the price floor.
c) Use a supply and demand diagram to illustrate how the price floor affects Total Surplus. Be sure to label all part of the
diagram.
Question 4
Use a supply and demand analysis to predict what will happen to the equilibrium price and quantity of oranges if oranges are
discovered to help prevent colds AND excellent weather has increased the number of oranges that can be harvested. You must
provide clearly labelled supply and demand diagrams. You must also provide well-written economic arguments supporting your
diagrams.

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