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The market for beef is busily minding its own business when suddenly, it is faced with a major, successful advertising campaign by pork producers. Caught by surprise, the beef market responds with a price war that becomes excessive, as it lasts too long. (Assume pork and beef are substitutes for this problem.)
a. Sketch and explain in detail the graph of the original market for beef, then show and explain the impact of the pork advertising campaign.
b. Explain the impact of the pork advertising campaign on beef farmers, grocery stores and consumers (beef and pork).
c. Assume the beef farmers panic and ask the federal government for assistance. What advice would you give the government and explain using economic thinking concepts of: cause and effect, economic perspective and stability and variability.
d. What advice would you give the beef farmers? Explain with a graph as well as your explanation
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