Here is a quote from the article, "Jeanie Alderson, a fourth-generation rancher in Birney, Mont., said she sold about 75 aging mother cows from her herd of about 250 in recent months. In a normal season, she would buy new ones in the spring, but it has been too expensive to take on any more this year, she said. Wildfires in the southeast portion of the state are burning up pastures where cattle typically feed, and some of her Montana neighbors have had to spend more on pricey livestock feed, squeezing their budgets and prompting them to reduce the size of their herds." Consider the market for beef.

1. From the title of this article and the description, does this describe a shift in the supply curve or the demand curve? In what direction?
2. Which of the reasons discussed in the book and this week's lectures for shifting supply and demand curves does this event fall under?

Another recent article in Forbes is titled, "Why Used EV And Hybrid-Car Prices Are Skyrocketing." This article discusses how interest in hybid cars and electric vehicles is increasing as gas prices increase. Here is a quote from the article: "With gas prices taking a bigger bite out of the family budget than in recent years, consumers have been salving their pain at the pump by snapping up energy-efficient used electric and hybrid-powered models in record numbers, which have in turn caused their transaction prices to skyrocket."

Consider the market for electric vehicles:

1. From the title of this article and the description, does this describe a shift in the supply curve or the demand curve? In what direction?
2. Which of the reasons discussed in the book and this week's lectures for shifting supply and demand curves does this event fall under?

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