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Due to floods, the prices of pumpkin and pineaples have doubled. Restaraunt industry (consumers) are forced to substitute ingreadients due to supply problems.
(a) use demand and supply model to show the short term impact of the flood on price and quantity.
(b) if a technological breathrough allows imports of pumpkins, use demand and supply model to expal impact on pumpkin market
(c) consumers are uncertain about quality of pumpkins, use supply and demand analysis to explain impact on the pumpkin soup market
(d) refer to the determinante of price elasticity of demand as they apply pineapples, analyse impace on maket if government imposes a retail ceiling price
(a) use demand and supply model to show the short term impact of the flood on price and quantity.
(b) if a technological breathrough allows imports of pumpkins, use demand and supply model to expal impact on pumpkin market
(c) consumers are uncertain about quality of pumpkins, use supply and demand analysis to explain impact on the pumpkin soup market
(d) refer to the determinante of price elasticity of demand as they apply pineapples, analyse impace on maket if government imposes a retail ceiling price