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bazaltina [42]
3 years ago
6

In 2014, a drought in the Midwest raised grain prices, leading to a decline in the size of cattle herds. Ultimately, the price o

f ground beef rose from about $3 a pound to over $4 by 2015. Demonstrate graphically the effect of the drought on equilibrium price and quantity in the ground beef market.
Business
1 answer:
raketka [301]3 years ago
4 0

Answer:

please check the attached image for a graphical representation

Explanation:

As a result of the drought, the supply of ground beef would fall. This would lead to a leftward shift of the demand curve. As a result equilibrium price would rise and equilibrium quantity would fall

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