Decrease in demand for beef and decrease in supply of beef

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Reference no: EM131001025

Suppose we observe the following two simultaneous events in the market for beef. First, there is a decrease in the demand for beef due to changes in consumer tastes. And second, there is a reduction in supply due to cattle farmers selling their land to real estate developers.

Explain the effects of these two events on the equilibrium price and quantity of beef.

- How you labeled the axes on the graph

- what the demand curve looks like

- What the supply curve looks like

- How you found equilibrium price and quantity

Describe the effects of the decrease in demand for beef and then the decrease in supply of beef.

- Which curve(s) shifted and which direction they shifted

- The effect on equilibrium price and quantity

Reference no: EM131001025

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