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Assuming the market for cow's milk is perfectly competitive, use a supply and demand diagram(s) to explain how the equilibrium price and quantity of

 

Assuming the market for cow's milk is perfectly competitive, use a supply and demand diagram(s) to explain how the equilibrium price and quantity of cow's milk would be affected by the following: (i) Dairy farmers have to pay increased feed and energy costs. (ii) Alternative milks such as soya and oat milk become more popular.

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