March 28, 2017

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For each event, illustrate the impact on the relevant United States market and determine what will happen to the equilibrium price and quantity in that market. I have 2 demand and supply graphs, the first one is for 3 of them and the second is for the last one. I just need someone to tell me if
my answers are right, my answers have a star beside them.

a)Increased popularity among high protein diets.

***Demand curve shifts to the right:Increase in equilibrium price and quantity.

b)Ban on Canadian imports of beef(We are in a US market.

***Supply curve shifts to the left:Increase in Price and decrease in quantity.

c)Persistent drought increases the price of grain feed to cattle.

***Supply curve shifts to the left: Increase in Price and decrease in quantity.

d)Incomes of ranchers increase.(Use Second Graph)

***Demand curve shifts to the right:Increase in Price and quantity.

Are these answers correct??


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