“Tyson Foods warns “supply chain is breaking” amid coronavirus pandemic.” The article states “Beef, chicken and pork could be as scarce as toilet paper soon because so many meat processing plants have been temporarily shut down amid the coronavirus pandemic, industry experts are warning.” For the sake of simplicity, let’s consider the market for pork. Draw a supply and demand graph that illustrates what is happening in the market for pork and explain what will happen to the total revenue of pig farmers and to total revenues of Tyson Foods as a result?
An NBC News headline on April 27, 2020 states “Groceries could see meat shortages by end of week amid plant closings”. (https://www.nbcnews.com/news/us-news/groceries-could-see-meat-shortages-end-week-amid-plant-closingIs-n1193401 Within the story is a subheading “Tyson Foods warns “supply chain is breaking” amid coronavirus pandemic.” The article states “Beef, chicken and pork could be as scarce as toilet paper soon because so many meat processing plants have been temporarily shut down amid the coronavirus pandemic, industry experts are warning.”
For the sake of simplicity, let’s consider the market for pork. Draw a supply and demand graph that illustrates what is happening in the market for pork and explain what will happen to the total revenue of pig farmers and to total revenues of Tyson Foods as a result?
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