My son needs help with home work on micro economics.
For each of the following scenarios, show how each market is affected by drawing an accurate
graph. Label the initial equilibrium price P1 and the original quantity Q1. Label the new equilibrium
price P2 and the quantity Q2.
Due to perfect weather conditions, there is a larger than expected crop of oranges this year. The
weather conditions do not affect the crop of tangerines. Citrus juice is made from either oranges or
tangerines and consumers have no preference for one or the other. Lastly, citrus juice and oatmeal
are complements and oats are required to make oatmeal.