Solved: Drastic price rise in the short-run, Managerial Economics

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Drastic price rise in the short-run

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Say there is a natural disaster, which wipes out all of the tomato plantation of one country. Therefore, there is a drastic rise in the price say from $6 to $15 a kilo. How has the disaster caused such a drastic price rise in the short-run and how will the outcome be different in the end. How would I show this in an economic model?

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Managerial Economics: Drastic price rise in the short-run

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Solution Preview :

Prepared by a verified Expert

Managerial Economics: Drastic price rise in the short-run

Reference No:- TGS01751262

Have a Question? (oR Write a Review)

Recent Questions Asked Managerial Economics

Q : Relationship between managerial employees and employers

Q : How large of a tax-induced price increase

Q : What are voluntary export restraint agreements

Q : Harberger model of the incidence of the corporate income tax

Q : Drastic price rise in the short-run

Q : Demand for compact dics with the price change

Q : Employment at legal doctrine

Q : Differences in culture-management and communication

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Solution Preview :

Prepared by a verified Expert

Managerial Economics: Drastic price rise in the short-run

Reference No:- TGS01751262

Recent Questions Asked Managerial Economics

Q : Relationship between managerial employees and employers

Q : How large of a tax-induced price increase

Q : What are voluntary export restraint agreements

Q : Harberger model of the incidence of the corporate income tax

Q : Drastic price rise in the short-run

Q : Demand for compact dics with the price change

Q : Employment at legal doctrine

Q : Differences in culture-management and communication

Q : Determine the short-run profit maximizing price and quantity

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