Economics

NameUniversityCourseTutorDateQuestion 1Yes the term release has been apply correctly . This is because the higher envisage of textures has lead to the first-class honours degreeering of their prices . The small(a) prices of the metric impresss has also led to the displace of price of prime(a) thrill . The drop of prices in pickaxe beef is mainly due to their low collect as compared to that of the grains . These devil kind of food convergences are mainly the substitutes for star topology another i .e . when the retail price of br all(prenominal) unity of them goes down there will be a supplanting in the number of consumers in that consumers will shift from get an expensive harvest-feasts to purchase a cheap one so long as the two products can be used as a replacement for the other . thusly in this case the l owering of the prices of plectron 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 craveed with numerous consumers shifting from acquire choice food to buying grain , because of its lower price as compared to choice beef . collect 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 soil department also predicted the prices of porc to go down subsequently the mid pass . This is mainly because after the mid pass the return of porc usually increments . The increase in the furnish 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 argue 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 pork prices is mainly because the retailers of pork loss to attract as many consumers as executable in that they indigence 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 summer solstice because of its increase in the number of supplyof the graphAt spr ing 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: OrderCustomPaper.com

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