In the following graphs, label the original equilibrium as Eo, Po, and Qo. Label the new equilibrium as E1, P1, and Q1. Draw arrows along axes to indicate directions of change. Explain as much as necessary in words. No numbers are required here. 1. Show on 5 separate graphs the effect of each of the following events on the equilibrium price and quantity of bananas in the United States: a. a civil war/revolution in El Salvador b. an increase in the demand for banana yogurt c. a decrease in the prices of other fruits d. increased shipping costs due to increased energy costs e. a U.S. tariff on banana imports from Nicaragua.

In the following graphs, label the original equilibrium as Eo, Po, and Qo. Label the new equilibrium as E1, P1, and Q1. Draw arrows along axes to indicate directions of change. Explain as much as necessary in words. No numbers are required here. 1. Show on 5 separate graphs the effect of each of the following events on the equilibrium price and quantity of bananas in the United States: a. a civil war/revolution in El Salvador b. an increase in the demand for banana yogurt c. a decrease in the prices of other fruits d. increased shipping costs due to increased energy costs e. a U.S. tariff on banana imports from Nicaragua.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 4QR

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