Consider the market for beef. (a) Suppose the price of grain used to feed cows increases. How does it affect the equilibrium price and quantity of beef? Explain with a demand and supply diagram. (10 marks) (b) Continued from (a), how does the ongoing rise in household income affect the equilibrium price and quantity of beef? Explain with the above diagram(s). (Hint: assumptions need to be made on the nature of beef and show all possible outcomes.) (15 marks) (c) Continued from (a), how does the fall in price of pork affect the equilibrium price and quantity of beef? Explain with the above diagram(s). (Hint: assumptions need to make on the relationship between beef and pork, and show all possible outcomes.) (15 marks)