Hi I was looking for help on questions 3,4

1 Plot the following supply and demand schedule. for beef, Be certain to label clearly the axes and (linear) curves on your graph, Plot P, on the vertical axis and Q on the horizontal Exist. Demand P (Price ins) 4 TO 16 18 (Quantity) 16 2 Supply 10 Ex N 20 12 20 24 44 A What is the equilibrium price? B Why is it the equilibrium price? (Give an economic interpretation, Do not use the mathematical solution to simultaneous equations for your answer.) DO How much is traded at the equilibrium price? How much is traded at P-47 P167 In which of these cases is there excess supply? Excess demand? P-16 2. The demand schedule given question I describes a short-run situation in which number of (potential) consumers and their tastes are held constant over the (short) period oftime that the curves describe The supply schedule also describes the short run in which technology and the number of employable resources are held constant. Changes in the number of consumers or their tastes will shift the demand to the left, if demand slackens, and to the right, if demand increases, (Note that changes in price cause movements along the curve and not shifts of the curve.) By the same token, changes in supply conditions, other than price, will cause the supply curve to shift to the left or right. Referring to question 1, what would you expect to happen to (i) the demand curve, (ii) the supply curve, (ili) equilibrium price, (iy) equilibrium quantity of beef, in the following cases. a. The quality of feed grains improves. h A new way to fatten cattle is developed which uses much fewer and cheaper inputs. Chicken is reported to cause heart attacks and flat feet. d. Fish prices decline by 75%. e. The cattle producers decide to raise prices. "Mad Cow" Disease is found in one cow. 3. Use supply and demand analysis to predict the impact on the oil and automobile markets of lower natural gas prices. 4 Qd = 50 - 1OP Qs = 14 + 8P If a price ceiling is set at 2, what will happen? Explain. Why might a price ceiling be established at P - 1, what will happen