Final answer:
A flood destroying a significant portion of Georgia peaches would decrease the supply of peaches, resulting in a higher equilibrium price and a lower equilibrium quantity. The increase in demand due to the alleged health benefits of peach consumption would further contribute to the increase in price and decrease in quantity.
Step-by-step explanation:
In this situation, a flood destroying a significant portion of Georgia peaches would decrease the supply of peaches, resulting in a shift of the supply curve to the left. This would lead to a higher equilibrium price and a lower equilibrium quantity of peaches. The increase in demand due to the alleged health benefits of peach consumption would further contribute to the increase in price and decrease in quantity.
For example, let's say that before the flood, the equilibrium price of peaches was $2 per pound and the equilibrium quantity was 1,000 pounds. After the flood, due to the decrease in supply, the equilibrium price could increase to $3 per pound and the equilibrium quantity could decrease to 500 pounds.
Overall, the equilibrium price and quantity of peaches would be affected by the combined impact of the flood and the increase in demand from the alleged health benefits of peach consumption.