Chicken Prices 2018-2022 in Amsterdam Year 2018 2019 2020 2021 2022 Average price of Chicken per...

 

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Chicken Prices 2018-2022 in Amsterdam Year 2018 2019 2020 2021 2022 Average price of Chicken per lb 7.16 7.27 7.33 7.14 8.57 Price of 6lb Chicken inclusive of pluck and gut 55.31 56.35 57.15 56.26 66.25 b. i. Justify giving two reasons, as a poultry owner, the price increases for chicken over the period. ii Using a line graph, relate the data from Table 2 from 2018-2022 for the prices of a 6lb chicken to the law of demand. List the necessary assumptions in your analysis. iii. Assuming that the price of turkey (a chicken substitute) remains the same at $7.00 per lb, illustrate and explain the possible effects on: 1) the demand for chicken if the price of chicken continuously increases; 2) the demand for turkey as the price of chicken continuously increases. iv. While the average price per lb for chicken is $8.57 in 2022, some poultry owners are charging $9.50 per lb to consumers. Explain two strategies that the government can implement to ensure that prices do not rise above a certain level in the future? Chicken Prices 2018-2022 in Amsterdam Year 2018 2019 2020 2021 2022 Average price of Chicken per lb 7.16 7.27 7.33 7.14 8.57 Price of 6lb Chicken inclusive of pluck and gut 55.31 56.35 57.15 56.26 66.25 b. i. Justify giving two reasons, as a poultry owner, the price increases for chicken over the period. ii Using a line graph, relate the data from Table 2 from 2018-2022 for the prices of a 6lb chicken to the law of demand. List the necessary assumptions in your analysis. iii. Assuming that the price of turkey (a chicken substitute) remains the same at $7.00 per lb, illustrate and explain the possible effects on: 1) the demand for chicken if the price of chicken continuously increases; 2) the demand for turkey as the price of chicken continuously increases. iv. While the average price per lb for chicken is $8.57 in 2022, some poultry owners are charging $9.50 per lb to consumers. Explain two strategies that the government can implement to ensure that prices do not rise above a certain level in the future?