Given what you have learned about 1) demand (and its determinants) and quantity demanded and 2) supply (and its determinants) and quantity supplied, in your discussion post, analyze this hypothetical situation:
Peanut crops have been destroyed by a fungus. Consumers are substituting almond butter for peanut butter because they perceive it to be a healthier option. The prices of both peanut butter and almond butter are rising. Why?
To help figure this out, draw a supply/demand graph for peanut butter.
explain how you labeled the axes of your graph, what the demand curve looks like, what the supply curve looks like, how you labeled the equilibrium price and quantity, any curve shifts, and what happened to equilibrium price and quantity as a result of the curve shift(s) (changes in demand and/or supply)
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