Frigid Florida Winter Is Bad News for Tomato Lovers

Please read the economic news “Frigid Florida Winter Is Bad News for Tomato Lovers“, USA TodayMarch 5, 2010 from your Parkin Textbook – Microeconomics 10th edition (PDF file was sent to you) on pp. 98–99 . You need to study the textbook sample “ECONOMIC ANALYSIS”, which should be similar to your A2 and A3 economic case analysis, and then please answer the following four questions according to A1 requirements (each question has an equal weight of 25%):

a). Which demand is more price elastic and why: tomatoes in general or Florida winter tomatoes?

b). When cold weather destroyed the Florida crop and more tomatoes came from Mexico and greenhouses, what happened to the supply of tomatoes and the quantity of tomatoes supplied?

c). The news article says the “High demand has driven up prices and wholesalers are buying from Mexico.” What does this statement mean? Did demand increase? Did it decrease? Is the news article correct?

d). Reggie Brown says “We’re obviously losing market share to Mexico, and there’s always a price to pay to get the customer to get back into the Florida market.” What does he mean and what does that imply about the elasticity of demand for Florida tomatoes when the price rises and when the price falls

 

In: Economics

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