Question: QUESTION THREE Using appropriate diagram(s), explain how equilibrium price and quantity are likely to be affected by the following events: a. exceptionally large harvest of

QUESTION THREE

Using appropriate diagram(s), explain how equilibrium price and quantity are likely to be affected by the following events: a. exceptionally large harvest of peanuts, with elastic demand. b. the cost of farm implements for growing peanuts increase. c. consumers hear that, supplies of peanuts have developed toxins due to the drying process.

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