singing the blues: march frost destroys blueberry crop\nchris and rhonda luther had big plans for their…

singing the blues: march frost destroys blueberry crop\nchris and rhonda luther had big plans for their small blueberry farm, but freezing temperatures killed these plans, reducing their usual output by about 95 percent. the freeze cut total production by 80 percent.\nsource: red and black, march 25, 2017\ndraw a graph to show the market for blueberries before and after the freeze in march\ndraw the demand curve for blueberries and the supply curve for blueberries in a year with a relatively mild winter. label the curves d₀ and s₀.\ndraw a point to show the equilibrium quantity and equilibrium price. label it 1.\nshow how the events in the news clip influence the market for blueberries. draw either a new demand curve or a new supply curve and label it.\ndraw a point to show the new equilibrium quantity and equilibrium price. label it 2.

singing the blues: march frost destroys blueberry crop\nchris and rhonda luther had big plans for their small blueberry farm, but freezing temperatures killed these plans, reducing their usual output by about 95 percent. the freeze cut total production by 80 percent.\nsource: red and black, march 25, 2017\ndraw a graph to show the market for blueberries before and after the freeze in march\ndraw the demand curve for blueberries and the supply curve for blueberries in a year with a relatively mild winter. label the curves d₀ and s₀.\ndraw a point to show the equilibrium quantity and equilibrium price. label it 1.\nshow how the events in the news clip influence the market for blueberries. draw either a new demand curve or a new supply curve and label it.\ndraw a point to show the new equilibrium quantity and equilibrium price. label it 2.

Answer

Brief Explanation:

  1. In a year with a relatively mild winter, draw a downward - sloping demand curve ($D_0$) and an upward - sloping supply curve ($S_0$) for blueberries on a graph with quantity on the x - axis and price on the y - axis. The intersection of $D_0$ and $S_0$ gives the initial equilibrium point labeled 1, with equilibrium quantity and price.
  2. The freeze in March reduces the supply of blueberries. So, draw a new supply curve ($S_1$) that is to the left of $S_0$ to represent the decrease in supply. The new intersection of the demand curve ($D_0$) and the new supply curve ($S_1$) gives the new equilibrium point labeled 2, with a higher equilibrium price and a lower equilibrium quantity.

Answer:

  1. On a graph with quantity of blueberries on the x - axis and price of blueberries on the y - axis, draw a downward - sloping line labeled $D_0$ for the demand curve and an upward - sloping line labeled $S_0$ for the supply curve. Mark the intersection point of $D_0$ and $S_0$ and label it 1.
  2. Draw a new upward - sloping line $S_1$ to the left of $S_0$ to represent the reduced supply due to the freeze. Mark the intersection point of $D_0$ and $S_1$ and label it 2.