Answer to Question #79102 in Microeconomics for Albert

Question #79102
b. Imagine that the demand for Bangladesh’s Cricket Team’s Jersey has increased due to an upcoming Cricket match. At the same time, there is a workers’ strike going on at the Chittagong seaport and Jersey manufacturers have very little supply of the raw material needed to make these Jersey. Draw a demand-supply diagram to show what happens in the market for Bangladeshi Jerseys. Assume they are initially at equilibrium.
1
Expert's answer
2018-07-17T15:38:08-0400
b. Imagine that the demand for Bangladesh’s Cricket Team’s Jersey has increased due to an upcoming Cricket match. At the same time, there is a workers’ strike going on at the Chittagong seaport and Jersey manufacturers have very little supply of the raw material needed to make these Jersey.
In this case there is an increase in demand and the decrease in supply, so the equilibrium price will increase, but we can't determine the exact change in equilibrium quantity without additional information.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS