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Suppose an unexpected freeze in Florida destroys 20% of the Florida orange crop. Using supply and demand theory answer each of the following. Be sure to explicitly state your assumptions in your response. a. What are the likely effects of the crop damage on Florida orange prices and output levels?b. How will the freeze affect the equilibrium price of California oranges?
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Suppose an unexpected freeze in Florida destroys 20% of the Florida orange crop. Using supply and de...
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