Question

Suppose a fleet of alien vessels carries away a large percentage of the beef cattle on...

Suppose a fleet of alien vessels carries away a large percentage of the beef cattle on earth. Draw a supply and demand graph to answer the following:

d.) What is the effect on the equilibrium price and quantity of beef?

e.) What is the effect on the equilibrium price and quantity of hamburger buns?

f.) What is the effect on the equilibrium price and quantity of chicken (assuming chicken is a substitute for beef)?

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