1a papayas and grapefruit are substitute goods a drought, Ask an Expert

Economics

1a) Papayas and grapefruit are substitute goods. A drought in California destroyed a good portion of the grapefruit crop. Ceteris paribus, what will occur?

1b) Graphically present the pre and post drought equilibrium for the substitute goods presented in 1a.

1c) Papayas and grapefruit are substitute goods. What would happen to a complement good?

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Microeconomics, Economics

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