microeconomics

According to a researcher at the FDA, vegan foods are "the way if the future". More persons have become health conscious and are looking for foods which will fit this lifestyle. One such food is the Beyond Burger, a plant-based alternative to beef. Notably, despite strong demand for beef burgers, the supply chain has seen a host of disruptions that are preventing producers from getting their products to market. Beyond Burger's sales in Canada totaled $3.0 billion at the end of 2021, accounting for 20% of all retail sales of burger patties (meat used in burgers), and 40% of the larger market for vegan foods. By the end of 2025, sales of Beyond Burgers are projected to make up 40% of all burger sales. i. Illustrate and explain the effect of the increased use of Beyond Burgers on (i) the burger patties market and (ii) the vegan market. [6 marks] ii. Explain how the supply chain issues affected the beef burger market and describe how this would be corrected without the introduction of the vegan alternative. Provide a graphical representation. [5 marks] iii. Is demand for (i) beef burgers and (ii) burger patties elastic or price inelastic? Explain your reasoning. [4 marks] iv. Given the current market conditions, list and explain ONE strategy that beef burger producers could implement to increase revenue. [4 marks]