Please read the full article from WSJ “What's the Beef? Food-Inflation Fears” This article either describes a) a shift in demand, OR b) a shift in supply, OR c) Both.
a) THE ARTICLE DESCRIBES A CHANGE IN DEMAND:
- DESCRIBE the event (or events) causing it and whether each demand changing event is increasing or decreasing demand. Also describe how you would show any identified demand change(s) on a graph (and ideally also show it on a graph).
– Describe how THIS DEMAND CHANGE ALONE impacted, a) equilibrium price, and b) equilibrium quantity (i. e., did each increase or decrease). Ideally also draw a supply and demand diagram showing this.
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b) THE ARTICLE DESCRIBES A CHANGE IN SUPPLY:
- DESCRIBE the event (or events) causing it and whether each Supply changing event is increasing or decreasing Supply. Also describe how you would show any identified Supply change(s) on a graph (and ideally also show it on a graph).
– Describe how THIS SUPPLY CHANGE ALONE impacted, a) equilibrium price, and b) equilibrium quantity (i. e., did each increase or decrease). Ideally also draw a supply and Supply diagram showing this.
c) Now, combine the two events. Explain how THE COMBINATION OF THE TWO EVENTS change Equilibrium price. Explain how THE COMBINATION OF THE TWO EVENTS changed Equilibrium Quantity. Again, ideally draw a third supply and demand diagram showing this.