A wildfire burns most of the production of almonds in California. Explain in words and show on a graph how this event will affect the demand and/or supply in three markets: the markets for almonds, the market for dates (a complementary good), and the market for walnuts (a substitute good).

A wildfire burns most of the production of almonds in California. Explain in words and show on a graph how this event will affect the demand and/or supply in three markets: the markets for almonds, the market for dates (a complementary good), and the market for walnuts (a substitute good).

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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Question

A wildfire burns most of the production of almonds in California. Explain in words
and show on a graph how this event will affect the demand and/or supply in three
markets: the markets for almonds, the market for dates (a complementary good), and
the market for walnuts (a substitute good).

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Market for almonds

Market for dates

Market for Walnuts

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