Explain the effect of a decrease in the price of quinoa

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Reference no: EM133269949

Assignment:

Assume that quinoa is an input in the production of beef but not in the production of poultry. Further, assume that beef and poultry are substitutes in consumption. Use appropriate (and separate) diagrams for both beef and poultry markets to explain the effect of a decrease in the price of quinoa on:

i. equilibrium price and quantity of beef and

ii. the equilibrium price and quantity of poultry.

Reference no: EM133269949

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