Question Description
Question 1
Suppose that unexpected low temperatures in the major wine grape producing regions of Tasmania caused a decline in both the supply and quality of grapes used for producing premium Tasmanian wines. Use a supply and demand analysis to predict what effect this will have on the market for premium Tasmanian wines. You must include a detailed graphical analysis as part of your solution. Carefully label and explain your diagram.
Question 2
The market for wheat has the following demand and supply schedules:
| Price ($/tonne) | Quantity Demand(100tonnes) | Quantity Supplied(100tonnes) |
| 4 | 135 | 26 |
| 5 | 104 | 53 |
| 6 | 81 | 81 |
| 7 | 68 | 98 |
| 8 | 53 | 110 |
| 9 | 39 | 121 |
| 100 | 0 | 133 |
a) What is the equilibrium price and quantity
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