Question

During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York?

Answer 1

Answer:

Equilibrium price and quantity will reduce

Explanation:

Due to the reduction in the number of elderly people in Northern New York during the winter, demand for items used by the elderly will decrease which will cause a decrease in equilibrium quantity supplied and equilibrium price of those items.