Earlier this year, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) released a report (https://www.agriculture.gov.au/abares/research-topics/agricultural-outlook/beef-and-veal#daff-page-main) indicating that the gross value of production for beef and veal was projected to decline. This reduction in value is attributed to declining prices.

b) Employ a supply and demand diagram to illustrate how a decrease in price can impact production value if the price decline results from demand-related factors. Please provide commentary on the effects on equilibrium price and quantity, as well as any changes in the supply and demand curves.