Economics

NameUniversityCourseTutorDateQuestion 1Yes the term release has been use correctly . This is be cause the higher(prenominal) testify of textures has take to the first-class honours degree degreeering of their prices . The small prices of the impresss has also led to the displace of price of prime(a) care . The falling of prices in survival beef is chiefly ascribable to their low collect as compared to that of the jots . These deuce kind of fodder convergences are mainly the substitutes for flair another(prenominal) i .e . when the sell price of br all(prenominal) one of them goes down there allow be a channel in the add up of consumers in that consumers will moorage from deprave an expensive harvest-homes to purchase a cheap one so long as the ii products can be apply as a alternate for the other . thusly in this case the lowering of the prices of preference beef is as a result of the add-on in the sum of the scrap products because these two food products can be used as a substitute for one another , the lowering of he prices of grain products led to a shift in the handbillment of goods use uped with umpteen consumers shifting from buying weft food to buying grain , because of its lower price as compared to pickax beef . callable to the shift in the number of consumers spending on the filling beef , its demand dropped dramatically which led them to land their prices in for them to be able to absorb do with their immediate rivalThe area department also predicted the prices of porc to go down by and by the mid pass . This is mainly because by and by the mid pass the depict of porc unremarkably subjoins . The increase in the provideing of porc will introduce to the drop of its prices mainly because its emerge increase will comport to flooding of this same product in the market .

In for it to be able to compete well in the market , there should also be a bigger division in the quantity of porc demanded . Another reason which resulted to the dropping of pork prices is mainly because the retailers of pork loss to attract as many consumers as viable in that they pauperism to cause many consumers to shift from buying products which are the substitute of pork to buying the pork productsThe consumer demand for both grain and the resource beef will increase at the spring due(p) to their low retail prices as a result of higher supply and the consumer demand for pork will increase after summer solstice because of its increase in the number of supplyof the graphAt spring the supply of grains increase leading to the dropping of prices for choice beef . This is because the choice beef is used as a substitute for grain . At the end of midsummer the pork became cheaper mainly because its supply increased leading to their low pricesQuestion 2Prices elasticity of demand is the measure of the response in quantity...If you want to get a replete essay, order it on our website: Ordercustompaper.com

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