Question
Explain the effects on equilibrium price and quantity exchanged in the market for chicken in Zambia if the following changes occur, ceteris paribus. For each
Explain the effects on equilibrium price and quantity exchanged in the market for chicken in Zambia if the following changes occur, ceteris paribus. For each question use a demand and supply diagram to illustrate your answer.
(a) The price of chicken feed increases.
(b) The SA Heart Foundation publishes a report showing that eating chicken 3 times a week reduces the chances of having a heart attack by 50%.
(c) An isolated case of Bird Flu is identified at a poultry farm in one of the town in Zambia.
(d) The price of red meat increases.
(e) A growth hormone added to chicken feed which speeds up their rate of growth is banned by the government.
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