Posted by G on .
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??