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Prior to beginning work on this discussion forum, review Chapters 1, 2 and 3 of
Prior to beginning work on this discussion forum, review Chapters 1, 2 and 3 of your textbook, Principles of Microeconomics and the materials on the “Weekly Lecture” page. The demand for plums is highest during summer and lowest during winter. Yet plum prices are normally lower in summer than in winter. Based on this scenario, discuss the following in a minimum of 300 words:
Discuss what happens to the supply of plums, from winter to summer, for the equilibrium price to fall.
Include a generic supply/demand graph that shows the equilibrium point for plums during the summer and the winter.
Discuss the shape of the production possibility curve if the farmer can only plant plums or peaches on his farm. Give reasons.
Guided Response: Review several of your colleagues’ posts and reply to at least two of your peers by 11:59 p.m. on Day 7 of the week. Provide substantive responses that use theory, research, experience, or examples to support ideas and advance class knowledge on the discussion topic. In your response to two classmates, address the following with a minimum of 100 words:
Compare your response to that of your peers’.
Provide an example from your own life where supply/demand has affected the prices of goods/services you buy.
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