Suppose we are in the meat market in a small town. By using the demand and supply graphs and market equilibrium analysis, discuss how the following factors will affect the meat market.

a) Suppose there is a decline in the consumer's income. 

b) Suppose there is an increase in the price of chicken.

c) Suppose there is a technological advancement in meat production 

d) Suppose there is an increase in the population of the town. 

e) Suppose there is a decrease in the number of farmers who produce meat. 

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Answer a Due to decline in consumer income less of meat would be consumed by the consumers This caus... View the full answer