The equilibrium quantity


Whether you like to eat hamburger or roast beef, the source

of the meat is a rancher who raises cattle. A news story discussed

how years of drought had raised the cost to ranchers

of raising cattle. At the same time, consumer tastes have

been changing, leading to a decline in the demand for beef.

Use demand and supply graphs to illustrate your answers to

the following questions:

a. Can we use this information to be certain whether

the equilibrium quantity of beef will increase or

decrease?

b. Can we use this information to be certain whether

the equilibrium price of beef will increase or

decrease?

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