14 May WHAT WILL HAPPEN TO THE PRICE AND THE QUANTITY SOLD?
Sketch a simple supply-demand graph for sunflower, with price on the vertical axis and quantity on the horizontal axis. Don’t worry about quantities or slopes, but make sure demand has negative slope, supply has positive slope, and the two lines cross. Identify the price and quantity sold on the axes (no numbers, just the points on the lines). Now draw a second demand curve to the right of the first, and parallel to it. What happens to the price? What happens to the quantity sold? What could be the reason of this demand shift?
Sketch a new supply-demand graph for sunflower. Identify the price and quantity sold on the axes. Now draw a second demand curve to the left of the first. What happens to the price? What happens to the quantity sold?
Now suppose there is unexpected frost weather in the sunflower area and government decided to purchase some sunflower. How will the new supply-demand graph for sunflower look like? What will happen to the price and the quantity sold?
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