AGEC 314 - Summer 2024 Homework 2 (47 Points) Instructions: Complete all questions. Turn in on Canvas by uploading the completed document or uploading a scanned file (use Adobe Scan, etc.) of your completed homework. 1. (3 points) The pork industry has seen a decrease in total consumer demand over the last 50 years. What is a possible cause for this shift and why? Illustrate this shift if demand. Draw both the supply and demand curves and be sure to label each axis and equilibrium. 2. (1 point) Fill in the blank: Which direction would the supply curve for fed cattle shift if west Texas was hit with a major flood, killing almost a million head of cattle? __________________________ (left, right, or no shift) 3. (1 point) Fill in the blank: Which direction would the demand curve for Coca-Cola most likely shift if the price of Dr. Pepper (a substitute) decreased by 50%? __________________________ (left, right, or no shift)