now I'll choose 2-3 questions, give an answer to them and explain simply how and why..)
1) The demand for oranges following an increase in price of apples (draw demand curve)On the graph the demand curve shifted to the right,because oranges and apples are substitutes. It means that if for one good price goes up,and for another substitute product the demand will raise(so shift to the right) Also diagram shows that quantity(of oranges)increased too and price for a oranges also went up.
2) There is a severe frost in Brazil that affects the coffee crop.
2) There is a severe frost in Brazil that affects the coffee crop. So,cuz there was a frost,the crops will ill.it means that there are less crops are grown,so less supply(shifted left).And probably people in Brazil will drink more hot coffe(because they might took a cold),so more demand for coffe).
On the graph we also can see that there are less quantity of crops, therefore price for them increased..
On the graph we also can see that there are less quantity of crops, therefore price for them increased..
Types of demand...composite, derived, complementary...competitive?
ReplyDeleteok,I'll explain that types of demand as soonas possible..))
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