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Math Help - Economics

  1. #1
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    Economics

    A freeze in southwestern U.S. and Mexican fields has resulted in damaged crops and inflated prices for imported produce such as lettuce, broccoli and cauliflower.

    Describe how this would be interpreted on a supply and demand diagram. Do not draw graph.

    *The question says to not draw a graph but, if you can, include one so I can have a better understanding.
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  2. #2
    Senior Member apcalculus's Avatar
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    Quote Originally Posted by chinky View Post
    A freeze in southwestern U.S. and Mexican fields has resulted in damaged crops and inflated prices for imported produce such as lettuce, broccoli and cauliflower.

    Describe how this would be interpreted on a supply and demand diagram. Do not draw graph.

    *The question says to not draw a graph but, if you can, include one so I can have a better understanding.
    The freeze leads to a shortage in the supply of these products. On the diagram this is described by a shift of the supply curve to the left, intersecting the demand curve at an equilibrium level with a lower quantity and higher price.

    Good luck!!
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