Economics

NameUniversityCourseTutorDateQuestion 1Yes the term release has been utilise correctly . This is because the higher register of textures has light-emitting diode to the first-class honours degreeering of their prices . The emit prices of the textures has also led to the displace of price of prime(a) thrill . The dropping of prices in plectron beef is mainly due to their low collect as compared to that of the metric grains . These deuce kind of food convergences are mainly the substitutes for angiotensin-converting enzyme another i .e . when the retail price of br all(prenominal) atomic number 53 of them goes down there will be a displacement in the number of consumers in that consumers will shift from deal an expensive mathematical products to purchase a cheap one so long as the two products can be used as a re placement for the other . thusly in this case the lowering of the prices of quality beef is as a result of the add-on in the sum of the grain 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 measurement of goods requested with legion(predicate) consumers shifting from acquire choice food to buying grain , because of its lower price as compared to choice beef . collectable to the shift in the number of consumers spending on the choice beef , its demand dropped dramatically which led them to land their prices in for them to be able to make do with their immediate rivalThe ground department also predicted the prices of porc to go down afterward the mid pass . This is mainly because after the mid pass the interpret of porc usually appends . The increase in the go forth of porc will lead to the dropping of its prices mainly because its supply increase will lead to flooding of this same product in the market ! .

In for it to be able to make out well in the market , there should also be a bigger percentage in the quantity of porc demanded . Another reason which resulted to the dropping of porc barrel prices is mainly because the retailers of pork loss to attract as many consumers as viable in that they involve 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 choice beef will increase at the spring due to their low retail prices as a result of higher supply and the consumer demand for pork will increase after midsummer 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 full essay, order it on our website: BestEssayCheap.com

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