In agriculture, a "bumper crop" refers to a particularly productive harvest. if there is a bumper crop for wheat at the same time that more people become allergic to wheat and all else is held constant, what will happen to the equilibrium price and quantity for wheat?
a. the equilibrium price will go up and equilibrium quantity will go up.
b. the equilibrium price will be indeterminate and equilibrium quantity will go up.
c. the equilibrium price will go down and equilibrium quantity will be indeterminate.
d. the equilibrium price will go up and equilibrium quantity will be indeterminate.
e. the equilibrium price will be indeterminate and equilibrium quantity will go down.

Suppose there are three types of consumers who attend concerts at your university’s performing arts center: students, staff, and faculty. each of these groups has a different willingness to pay for tickets; within each group, willingness to pay is identical. there is a fixed cost of $1,000 to put on a concert, but there are essentially no variable costs. for each concert: i. there are 140 students willing to pay $20. (ii) there are 200 staff members willing to pay $35. (iii) there are 100 faculty members willing to pay $50. a) if the performing arts center can charge only one price, what price should it charge? what are profits at this price? b) if the performing arts center can price discriminate and charge two prices, one for students and another for faculty/staff, what are its profits? c) if the performing arts center can perfectly price discriminate and charge students, staff, and faculty three separate prices, what are its profits?