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In July 2018, vandals in Farmland poisoned ten million tomato seedlings by putting herbicide into the...

  1. In July 2018, vandals in Farmland poisoned ten million tomato seedlings by putting herbicide into the irrigation water. The seedlings were killed. These seedlings would have produced many of the tomatoes that were planned to be sold in Farmland in October 2018. For each of your answers below, identify the condition (determinant) of demand and/or supply and the impact on the equilibrium price and equilibrium quantity of the product.

  1. Using a demand and supply diagram, consider the effect of the poisoning of the tomato seedlings on the market for tomatoes in Farmland in October 2018.

  1. Do you believe there would be any effect on the market for salads? How may restaurant owners respond with regards to the price of salads? Explain.

  1. Do you believe there would be any effect from the poisoning of tomato seedlings on the price and quantity of lettuce? Explain.

  1. News reports suggested that the price of tomatoes would only rise in October. There would not be an effect in August. Do you think this is correct? Explain.

e. Suppose now that as a result of the poisoning scare, people also prefer to buy less tomatoes. How would your answer be different to (a) above? Consider the impact on the equilibrium price and quantity of tomatoes.

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