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Now suppose an Avian Flu outbreak kills half the chickens in the United States. Which determinant of demand or supply is affected (recall there are
Now suppose an Avian Flu outbreak kills half the chickens in the United States. Which determinant of demand or supply is affected (recall there are 7 variables that determine the quantity demanded-called determinants- of demand and 4 determinants of supply)? Which curve shifts? Which way? Show this graphically and in words. Is the new equilibrium price for eggs higher or lower than before? Is quantity demanded higher or lower? How about quantity supplied? (Again, please show these graphically, as well)
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