I’m stuck on a Economics question and need an explanation.
Please write five paragraphs on the effects of climate change (e.g. hurricane) on the economy of Florida. You will use supply and demand analysis to illustrate the likely effects of a hurricane on the equilibrium price and quantity in one of the markets in Florida. According to Harris and Roach (2013; Environmental and Natural Resource Economics: A Contemporary Approach, pp. 444-445) Hurricane Katrina and Hurricane Sandy caused, respectively, $100 billion and $50 billion in damages. The following markets are examples of markets in Florida based on Economic Perspectives (http://econperspectives.blogspot.com/2008_05_01_ar…).
a). the market for orange juice. (Hint: The oranges grown in Florida are primarily used to make orange juice.)
b). the market for plywood. (Hint: Plywood is used to protect windows from the high winds associated with hurricanes.)
c). the market for batteries. (Hint: Hurricanes frequently knock down power line, causing many people to be without electricity for days or weeks.)
d). the market for admission tickets to theme parks in Orlando. (Hint: Assume the hurricane causes heavy rain and wind throughout the Orlando area. Most of the attractions at these parks are outdoors.)
You must select one specific market (for example: the market for orange juice).
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