Economics

1. Illustrate the following using demand and supply graphs.
a) The market price of a basic digital cell phone fell due to increased production.
b) In 2002, unusually bad weather caused a reduction in the cranberry harvest causing the prices to increase from $22 to $25 for a 100lb barrel.
c) Demand for office space in major US cities dropped significantly between 2009 and 2010. This led to a drop in the rental prices.
d) Deregulation of bread prices in Eastern Europe caused an increase in the price of bread. As a result, the quantity demanded dropped while the quantity supplied rose.(There is no shift here-what will happen when the price ceiling is eliminated)

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