Question: This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70-P Initial Demand for

This is the market for steer. Steer are processed

This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70-P Initial Demand for beef: Q = 100 -0.SP Market supply for steer: Q = -35 +0.5P New Scenario: Suppose now that the demand for beef surges and people are now willing to pay double for beef. a) Calculate new market Q and P for steer b) Calculate new market and P for hides c) Calculate new market Q and for beef d) Compared (a), (b), and (c) to the initial scenario presented in the video in 12.1. e) Sketch a graph of the new scenario. This is the market for steer. Steer are processed into 1 hide and 1 beef. Initial Demand for hides: Q = 70-P Initial Demand for beef: Q = 100 -0.SP Market supply for steer: Q = -35 +0.5P New Scenario: Suppose now that the demand for beef surges and people are now willing to pay double for beef. a) Calculate new market Q and P for steer b) Calculate new market and P for hides c) Calculate new market Q and for beef d) Compared (a), (b), and (c) to the initial scenario presented in the video in 12.1. e) Sketch a graph of the new scenario

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