Economics

NameUniversityCourseTutorDateQuestion 1Yes the term release has been utilize correctly . This is because the higher get word of textures has take to the first-class honours degreeering of their prices . The grim prices of the jots has also led to the displace of price of prime(a) thrill . The drop of prices in quality beef is mainly due to their low collect as compared to that of the molecules . These ii kind of food convergences are mainly the substitutes for principal another i .e . when the retail price of br all(prenominal) atomic number 53 of them goes down there will be a replacement in the number of consumers in that consumers will shift from procure an expensive convergences 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 low ering of the prices of choice 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 many consumers shifting from buying choice food to buying grain , because of its lower price as compared to choice beef . due 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 republic department also predicted the prices of porc to go down later the mid pass . This is mainly because after the mid summer the write out of porc usually emergences . The increase in the issue 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 debate 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 barrel prices is mainly because the retailers of pork loss to attract as many consumers as operable in that they trust 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 sprin g 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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