Assignment 5 Supply, Demand, Equilibrium
1: Create a graph which depicts the Valorian supply and demand for
candyberries on the same graph
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Instructions for creating a graph depicting the Valorian supply and demand for candyberries, determining the equilibrium price, and analyzing the effects of hypothetical economic events on supply and demand. The document also includes a letter expressing an opinion on a candyberry price increase policy.
Tipo: Apuntes
2020/2021
1 / 5
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Assignment 5 Supply, Demand, Equilibrium
1: Create a graph which depicts the Valorian supply and demand for candyberries on the same graph
2: Determine the price at which the candyberry market reaches equilibrium and depict it on your graph The price at the candyberry market reaches equilibrium of 75$
- If candyberries grow more efficiently, there will be more supply, but if the supply goes up, the prices will go down and the demand will increase again
- If the price of the fertilizer increases, the total cost of the product will be more expensive too. There will be less demand because of the increase of the price.
- If the number of Valorian farmers increase, there will be more quantity of products. The supply curve will be upper.
4: Write a one to two paragraph letter analyzing this policy This price is increasing the demand; that means that more people will buy these candyberries. After the rise of that demand, the prices usually increase, so people will stop buying them. In conclusion, candyberry producers will not gain as much as they will be able. This is a good politic for consumers, but not for producers. Because of this, there will be an excess, that means a candyberry shortage. When the demand is higher, the ceiling price is 10$. With this price, more people will want to buy them and there will not be enough producers and this will cause a shortage of 50 thousand bushes- In my opinion, I think that this policy is not really a good idea because it will not achieve what they are trying to reach (demand will rise, supply will decrease and there will not be any candyberries to buy)