Find the equilibrium price and quantity given the following equations and graph this situation. Qs =...

Question

Question

Find the equilibrium price and quantity given the following equations and graph this situation.

Qs = 10 + 2P

Qd = 30 – 12P

Also, illustrate what happens above equilibrium and below the equilibrium

The drought in the plains states has made grain, and therefore feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter. What will be the immediate effect of this event on the equilibrium price and quantity of beef? Illustrate using a supply and demand diagram and explain how the price and quantity of beef are affected.

Answer 1

Answer #1

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Answer 2

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