Price Quantity Price Quantity

per lb. Demanded (Qd) per lb. Supplied (Qs)

$6.75 9 $6.75 81

6.00 18 6.00 72

5.25 27 5.25 63

4.50 36 4.50 54

3.75 45 3.75 45

3.00 54 3.00 36

2.25 63 2.25 27

1.50 72 1.50 18

.75 81 .75 9

#b) Now, draw another "original graph" of the market for hamburger meat to use for this question. Use the data from page 3 as before. Then, analyze this change (change #b): " Suppose there is a significant decline in the costs of refrigeration and storage of hamburger meat." Explain what effect this would have on the market for hamburger meat market by answering Qs. b-1) through b-4).

b-1) Would this change shift the demand curve for hamburger meat? the supply curve? or neither

b-2) In what direction and why?

b-3) Show this shift on your new graph of the market for hamburger meat.

b-4) Label both the old and the new equilibrium price and quantity.