9. In separate charts, show the effect on demand or quantity demanded for the following scenarios. Consider beef sales. News outlets report that there have been instances of the mad cow disease in the US in the past few weeks. Answer: Consider sales of leafy greens. An important study conducted by the Mayo Clinic scientists finds that consistent consumption of leafy greens over a lifetime reduces the risk of dying from cancer by 70%. Answer: Consider sales of peanut butter. The US government decides to subsidize peanut farmers and as a result the price of peanuts goes down. Peanut butter is primarily made out of peanuts (contains 90% or more peanuts), hence a reduction in the price of peanuts leads to a reduction in the price of peanut butter. Answer: Consider sales of coca cola. Scientists working for PepsiCo discover a cheaper way to produce sweetener and hence the cost of making Pepsi substantially decreases. The price of Pepsi goes down. Pepsi and coca cola are considered substitute goods