SOLUTION

State the effect of the following events on equilibrium price and quantity of the market given. a. Beetle infestation decimates tobacco crop. Market: cigars. b. The Organization for Petroleum Export Countries raises oil export quotas. Market: gasoline. c. Digital image albums become the rage among households while improved technology reduces the cost of producing digital cameras. Market: digital cameras. d. Hurricanes in the Gulf coast cause gasoline supply disruptions while the summer travel season ends. Market: gasoline.

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