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Assume a drought has reduced wheat harvest drastically.

Using demand and supply analysis and graphs ,explain how this will ...

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Assume a drought has reduced wheat harvest drastically.

Using demand and supply analysis and graphs ,explain how this will impact on equilibrium price and quality of
a) Wheat flour
b) Millet, assuming it is a substitute of wheat

Answer

The price for wheat flower will go up majorly because the demand or need for wheat has gone up and there is not enough supply to fit the consumers demands.
The millet production will increase due to the need for a substitiute and the price will drop because there will be an influx pf millet in the economy.

Virtual Teaching Assistant: Colleen R.
Question Level: Basic
Karma: Free
Upload Date: 5/31/2017

This 38 words question was answered by Colleen R. on StudySoup on 5/31/2017. The question contains content related to Business Since its upload, it has received 90 views.

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