Asked by Evan

How would the following affect the equilibrium price and quantity in the beef market? Illustrate using completely labeled supply and demand diagrams.

The price of chicken falls.

A: Demand for beef rises.. How would I illustrate supply demand diagrams?
Answered by manny
P ' ` /
' ` /
' /
' / `
' / `
' / ` S
' D
'
'_________________________
Q

P---> Price
Q ---> Quantity

S---> Supply
D----> demand
Answered by manny
sorry didn't work out right

basically....

a graph

x-axis ----> qauntity

y-axis -----> price

supply curve---> / (like a foward slash)

demand curve----> \ (like a back slash)

________________________________________

demand curve shifts upward and to the right.... (as you stated)

thus.... prince increases as well as quantity demanded
There are no AI answers yet. The ability to request AI answers is coming soon!