1.Effect of Weather on Prices. Suppose a freeze in Florida wipes out 20 percent of the orange crop. How will this affect the equilibrium price and quantity of Florida oranges? Illustrate your answer...

1.Effect of Weather on Prices. Suppose a freeze in Florida wipes out 20 percent of the orange crop. How will this affect the equilibrium price and quantity of Florida oranges? Illustrate your answer with a graph

2. Innovation and the Price of Mobile Phones. Suppose that the initial price of a mobile phone is $100 and that the initial quantity demanded is 500 phones per day. Use a graph to show the effects of a technological innovation that decreases the cost of producing mobile phones. Label the starting point with “a” and the new equilibrium with “b.”