Increase in demand for beef: pls draw a graph of what this would look like!

• Description: The demand curve shifts to the right, indicating an increase in demand for beef. This leads to a new equilibrium point with a higher price and quantity of cattle.
• Graph Features:
  • Horizontal axis (X-axis): Quantity of cattle
  • Vertical axis (Y-axis): Price of cattle
  • Initial demand curve (D1) slopes downwards from the top left to the bottom right, intersecting the horizontal axis at a point labeled Q1 and the vertical axis at a point labeled P1.
  • Shifted demand curve (D2) is parallel to the initial demand curve but located to the right of it, intersecting the horizontal axis at a point labeled Q2 and the vertical axis at a point labeled P2.

Improvement in cattle farming technology:

• Description: The supply curve shifts to the right, indicating an increase in the supply of cattle due to technological advancements in cattle farming. This leads to a new equilibrium point with a lower price and a higher quantity of cattle.
• Graph Features:
  • Horizontal axis (X-axis): Quantity of cattle
  • Vertical axis (Y-axis): Price of cattle
  • Initial supply curve (S1) slopes upwards from the bottom left to the top right, intersecting the horizontal axis at a point labeled Q1 and the vertical axis at a point labeled P1.
  • Shifted supply curve (S2) is parallel to the initial supply curve but located to the right of it, intersecting the horizontal axis at a point labeled Q2 and the vertical axis at a point labeled P2.