Draw the graphs of the markets for cow and soy milk

Reference no: EM131873332

Problem

Cow milk and soy milk are substitute goods. Draw the graphs of the markets for cow and soy milk. Now, suppose production of cow milk becomes more costly to produce. What happens in the two markets? Show in the graphs and explain. (Denote the initial curves and equilibria by 1 and the new ones by 2.)

Reference no: EM131873332

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