Illustrate the following with supply and demand curves: In March 2015, hogs in the United States were selling for 81 cents per pound, up from 58 cents per pound a year before. This was due primarily to the fact that supply had decreased during the period. Show this change in the figure on the right. 1.) Using the point drawing tool, locate the equilibrium point for 2015 in the U.S. hog market. Label your point 'E'. 2.) Using the line drawing tool, illustrate the change in the U.S. hog market between 2014 and 2015. Properly label your line 'S2015' (Hint: Perform the steps in the order given.) Carefully follow the instructions above and only draw the required objects. Price (cents per pound) 100- 95 90- 85- 80- 75- 70- 65- 60-58 55- 504 45- 40- 35- 30+ Market for Hogs D S2014 0.0 0.3 0.5 0.8 1.0 1.3 1.5 1.8 2.0 2.3 2.5 2.8 3.0 Hogs per week (millions) ☑
Illustrate the following with supply and demand curves: In March 2015, hogs in the United States were selling for 81 cents per pound, up from 58 cents per pound a year before. This was due primarily to the fact that supply had decreased during the period. Show this change in the figure on the right. 1.) Using the point drawing tool, locate the equilibrium point for 2015 in the U.S. hog market. Label your point 'E'. 2.) Using the line drawing tool, illustrate the change in the U.S. hog market between 2014 and 2015. Properly label your line 'S2015' (Hint: Perform the steps in the order given.) Carefully follow the instructions above and only draw the required objects. Price (cents per pound) 100- 95 90- 85- 80- 75- 70- 65- 60-58 55- 504 45- 40- 35- 30+ Market for Hogs D S2014 0.0 0.3 0.5 0.8 1.0 1.3 1.5 1.8 2.0 2.3 2.5 2.8 3.0 Hogs per week (millions) ☑
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
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Transcribed Image Text:Illustrate the following with supply and demand curves:
In March 2015, hogs in the United States were selling for 81 cents per pound, up from 58 cents per
pound a year before. This was due primarily to the fact that supply had decreased during the period.
Show this change in the figure on the right.
1.) Using the point drawing tool, locate the equilibrium point for 2015 in the U.S. hog market. Label your
point 'E'.
2.) Using the line drawing tool, illustrate the change in the U.S. hog market between 2014 and 2015.
Properly label your line 'S2015'
(Hint: Perform the steps in the order given.)
Carefully follow the instructions above and only draw the required objects.
Price (cents per pound)
100-
95
90-
85-
80-
75-
70-
65-
60-58
55-
504
45-
40-
35-
30+
Market for Hogs
D
S2014
0.0 0.3 0.5 0.8 1.0 1.3 1.5 1.8 2.0 2.3 2.5 2.8 3.0
Hogs per week (millions)
☑
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