Please read the article entitled The price of bacon and other meats is surging. Is there an end in sight? reported by Today on November 13, 2021 as shown below.

https://www.today.com/food/price-bacon-other-meats-surging-there-end-sight-t238833

As mentioned in the article, the global meat prices have been risen dramatically in the last few months. Then, answer the following questions.

1. Why the global meat prices skyrocketed in last few months? Please list TWO demand-related reasons and TWO supply-related reasons.

2. Please explain how the reasons you mentioned in part (a) pushing up the global meat prices. Use the demand-and-supply diagram to illustrate your answer.

3. However, the global meat prices have been rising not only for few months but also for a decade. Take an example of beef, Figure 1 depicts the global beef price from 2012 2021 showing that the beef price has been increased for ten years. It seems the rising meat prices is a long-term trend. Do you think the

demand-related and supply-related reasons you listed in part (a) is(are) still effective to explain the long- term rising meat prices phenomenon? If yes, what are those effective demand-related reason(s) and supply-related reason(s) and explain why they are effective? If no, what is(are) other possible demand- related reason(s) and supply-related reason(s) and explain why.

Beef 20 17.5 15 mo 12.5 10 7.5 mahmmmmm 2012 2014 2016 2018 2020