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Event on the equilibrium price and quantity of beef

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If the price of tea increases and at the same time, robots are developed which prove to lower the cost of production of coffee. In the market for coffee, what we should expect to see?

The drought in the plain states has made grain, and therefore feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. What will be the immediate effect of this event on the equilibrium price and quantity of beef?

Reference no: EM132505265

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