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1. This question builds on the video presentation in 12.1.
Scenario presented in the video presentation in 12.1: This is the market for steer.
Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70 - P
Initial Demand for beef: Q = 100 - 0.5P Market supply for steer: Q = -35 + 0.5P
New Scenario:
Suppose now that the demand for hide surges and people are now willing to pay double for hides.
a) Calculate new market Q and P for steer
b) Calculate new market Q and P for hides c) Calculate new market Q and P for beef
d) Compare prices and quantities calculated in (a), (b), and (c) to the initial prices and quantities presented in the scenario from the video in 12.1.
e) Graph this result.
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