a) Beef supplies are sharply reduced because of a drought in the animal raising cities, and consumers turn to chicken as a substitute for beef. i. How would you illustrate this change in the beef-market in supply-anddemand terms? How do the equilibrium price and equilibrium quantity of beef change? ii. How would you illustrate this change in the chicken-market in supply-anddemand terms? How do the equilibrium price and equilibrium quantity of chicken change? b) During the summer months, the price of ice cream increases and the quantity of ice creams sold also increases. Is this a violation of the law of demand? Briefly explain and discuss your response. 5- (10 pts) Elif can produc
Answer the following questions by using
a) Beef supplies are sharply reduced because of a drought in the animal raising cities,
and consumers turn to chicken as a substitute for beef.
i. How would you illustrate this change in the beef-market in supply-anddemand terms? How do the
beef change?
ii. How would you illustrate this change in the chicken-market in supply-anddemand terms? How do the equilibrium price and equilibrium quantity of
chicken change?
b) During the summer months, the price of ice cream increases and the quantity of ice
creams sold also increases. Is this a violation of the
and discuss your response.
5- (10 pts)
Elif can produce 6 pies or 30 cakes in 1 hour. Ahmet can produce 10 pies or 20 cakes in 1
hour.
a) Draw the
b) If each spends 30 minutes of each hour for producing pies and 30 minutes for
producing cakes, how many pies and cakes does each produce
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