Question: QUESTION 1 (12 points) Assume that corn is the main component in the feed for beef cattle, and that consumers consider fish to be a

 QUESTION 1 (12 points) Assume that corn is the main component

QUESTION 1 (12 points) Assume that corn is the main component in the feed for beef cattle, and that consumers consider fish to be a substitute for beef. Using supply and demand diagrams for the each of these markets (price on the vertical axis), describe the effects of a large drought on: A) The corn market. B) The beef market. C) The fish market. {Label each axis of your diagrams clearly}

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