Homework # 2 Economics: The Demand And Supply Of Bananas (Coursework Sample)
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.
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.
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.
The Demand and Supply of Bananas
The demand and supply of a commodity like bananas affect its pricing. The two market forces work together to obtain an equilibrium quantity and price for the product. Any disturbance on one side like on the supply side effects the outcome of the other force. A change in the supply or demand of a commodity causes a shift either on the demand or supply curves which in turn may affect the pricing of that product. Therefore, this paper answers demand, supply and price questions on Cavendish bananas invested by TR4 type of Panama disease CITATION Mic15 \l 1033 (Parkins).
1 The prices went up. The disease damaged the banana crops causing a shortage of the bananas thus a decrease in its supply. Also, the Cavendish banana species dominate the banana market and an effect on it greatly affects the general banana market. However, the demand for bananas by consumers was still high despite the shortage causing an increase on the banana prices.
2 A decrease in banana supply reflects a decline in the quantity supplied. This raises the prices and the equilibrium quantity decreases. The demand for banana remains relatively the same initially but declines with the high p
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