Homework # 2 Economics: The Demand And Supply Of Bananas

Homework # 2. Due 2/14
Submit your answers on a one page, printed document, submitted in class.
Format: Single space, twelve point font, one inch margins.
Your full name and UB person id should be on the top of the page.
Use the entire page.
No handwritten homework’s.
Late homework’s shall not be accepted.
Assignment:
Pages 74 & 75 of Parkins’ 12th Edition of Microeconomics discusses the demand/price function as the result of a reduction of the supply of bananas.
Discuss:
1) What happened to prices as the result of disease?

2) Why did the supply curve move to the left?

3) Why is a likely outcome of the quantity demanded?

4) Were the effects noted a result of changes in the actual quantity available in the market or was driven by factors that gave rise to speculation regarding a future event?
Make sure you:
1) Introduce your topic.

2) Answer the questions.

3) Conclude and summarize your thought(s) on the subject.

The sections above must be distinct.
Write an essay-like article on request that includes the above questions in turn.