market equilibrium

GOVERNMENT IMPORT MORE BEEF FOR RAYA The Government is importing more beef to ensure supply is sufficient for Hari Raya Agriculture Minister said, 7,000 tonnes of beef were imported this month compared with 5.200 tonnes last month. According to him, by increasing the amount of imported beef, the Government could also ensure that butchers would not increase prices. He said that the Meat shop concept with its clean and hygienic environment should be viewed as a new style of selling meat. In addition, local and imported meats are being sold at reasonable prices at the shop and some of the items were sold much cheaper than at other outlets. Explain how the increase in the import of beef affects the market for beef in Malaysia Sketch a diagram to support your answer. [5 MARKS] 2. In theory, how would your findings in Question 1 above affect the market for chicken? Explain with the help of diagram. [5 MARKS] Sketch another diagram to explain the effects of an increase in the import of beef and the celebration of Hari Raya on the market for beef in Malaysia. [5 MARKS] 4. List down any FIVE (5) factors, which can lead to an increase in the price of beef. [5 MARKS] 5. Which of these goods would have a more elastic demand: food or furniture? Explain. [5 MARKS] [TOTAL MARKS:25 MARKS]