Question 1 5 pts For questions 1 - 12, use supply and demand analysis to indicate what will happen to the equilibrium price and equilibrium quantity of beef. A rightward shift in either the supply or demand curve is indicated by either a + or a - (that's a minus sign), respectively. Also, show an increase or a decrease in equilibrium price or equilibrium quantity by use of a plus sign (+) or a minus sign (-), respectively. In these cases, only one curve will shift at a time. That is if demand is either a + or a -, supply will be 0, and vice versa. However, in no case will either equilibrium price or equilibrium quantity be a 0. Finally, you'll need to identify the determinant that changed. You can either open the Excel file in the Lecture Notes section of Module III entitled Determinants of Demand and Supply for Test #3. Or, you can find a downloadable version in the To Do List of Module III. What would happen in the beef market if the government issued a report that red meat can increase the risk of heart attacks? Demand ( + , -,0) Supply ( + , - ,0) Equilibrium Price ( + , -, 0) Equilibrium Quantity Exchanged ( + , - ,0) Determinant: (1-13)Question 2 What would happen in the beef market if the grocery stores start charging a lower price for chicken? Demand ( + , -,0) Supply ( + , - , 0 ) Equilibrium Price ( + , - ,0) Equilibrium Quantity Exchanged ( + , - .0) Determinant (1-13) Question 3 What would happen in the beef market if there was an increase in the price of grain that was used to feed the beef? Demand ( + , - , 0 ) Supply ( + , -, 0) Equilibrium Price ( + , -,0) Equilibrium Quantity Exchanged ( + , -,0) Determinant (1-13) Question 4 What would happen in the beef market if there was a technological innovation that allowed slaughter houses to become more efficient and process cattle faster. Demand ( + , -,0 ) Supply ( + , - , 0 ) Equilibrium Price ( + , -,0) Equilibrium Quantity Exchanged ( + , -.0) Determinant 1-13)Question 5 What would happen in the beef market (now) if consumers expected the price of beef to rise dramatically in six months? Demand ( + , -,0) Supply ( + , - , 0) Equilibrium Price ( + , -,0) Equilibrium Quantity Exchanged ( + , - .0) Determinant (1-13) Question 6 What would happen in the American beef market if the Chinese government has decided to feed its people (1.4 billion) American beef? Demand ( + , - ,0) Supply ( + , - , 0) Equilibrium Price ( + , - ,0) Equilibrium Quantity Exchanged ( + , - .0) Determinant (1-13)Determinants of Demand and Supply for Test #3 Use the numbers that correspond to the correct determinant of either supply or demand to fill in the blanks to part E for questions 11 - 22 on Test #3. For example, if one of the shifts of a curve were caused by a change in consumer tastes and preferences, you'd enter the number 1 from the list below into blank E. Or, if the determinant that caused a shift in a supply curve were change in the price of a joint good, you enter the number 12 from the list below into blank E. Determinants of Demand 1) Consumer tastes and preferences 2) Consumers' incomes 3) Number of Consumers *) Prices of Related Goods 4) Price of substitute (on the demand side) 5) Price of a complements 6) Anticipated price changes by the consumer Determinants of Supply 7) Technological change *) Cost of Production 8) prices of resources 9) business taxes 10) Number of Consumers *) Prices of Related Goods 11) Price of a substitute (on the supply side) 12) Price of a "joint good" Anticipated price changes by the producer