(Edited by Ira Lovitch – original submission Wednesday, 1 July 2020, 11:12 AM)

3.Consider the supply of computers. For each of the following, state the effect on supply: 

a. A change in technology that lowers production costs

b. An increase in the price of semiconductors 

c. A decrease in the price of computers 

d. An increase in the wages of computer assembly workers

e. An increase in consumer incomes

4.Consider the following facts:

a. Easing drought conditions in the Black Sea wheat belt are causing world wheat production to recover.

b. China is consuming nearly a quarter of the U.S. soybean crop to feed its hogs and chickens that are demanded by its expanding middle class.

c. Farmers have typically responded to high prices by planting more land.

d. The USDA predicts that U.S. farmers will increase the land used for the nation’s eight largest crops by 9.8 million acres, the biggest change in 15 years.

e. Possible civil war in cocoa-producing Ivory Coast increased prices to the highest levels in 32 years despite increased production last year.

f. Weather problems in major wheat-producing countries such as Canada and Russia caused world wheat production to drop 5.5 percent. 

Using standard demand and supply curves, describe and illustrate the effect on equilibrium price and quantity of each of these changes in this particular commodity market.

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