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6. (10 pts) For the following supply and demand scenario, use graphs to support your answer. Label all curves, equilibriums, and supply/demand curves. Be clear
6. (10 pts) For the following supply and demand scenario, use graphs to support your answer. Label all curves, equilibriums, and supply/demand curves. Be clear about all assumptions you make. (Hint: consider both supply and demand given the following scenario) "Many European countries have banned the regular feeding of antibiotics to hogs in an effort to prevent bacterial resistance to antibiotics, which will increase hog production costs because hogs grow slower without the antibiotics. The European Pork Board advertising campaign that launched shortly after the ban took effect focuses on hogs raised in a more "natural environment" due to the lack of antibiotic use to appeal towards changing customer preferences. Also, hogs raised without antibiotics will be slaughtered at an earlier age, producing more tender meat, which most consumers prefer. How will the price and quantity of pork respond to such a ban?"
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