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Suppose that the supply and demand of wheat depend on the price of wheat (p), the amount of annual ...

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Suppose that the supply and demand of wheat depend on the price of wheat (p), the amount of annual ...

Suppose that the supply and demand of wheat depend on the price of wheat (p), the amount of annual rainfall (r), and the level of disposable consumer income (I). The equations describing the supply and demand curves are given by:

QS = 20r + 100p
QD = 4000 - 100p + 10I

Sketch a graph of the supply and demand curves for wheat and show the effects of an increase in the quantity of rainfall. How does each curve shift (if at all) from the increase in rainfall? What does this shift do to the equilibrium price and quantity (increase/decrease)?

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Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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