The flood in the northern part of NSW has disrupted the supply of cattle, how would this affect the llet steak market? Ans: (3 marks or 0 mark) 02 bi). The supply 9_r demand curve. [The supply curve or demand curve] Q2 bii). it will shift to the left g right. [shift to the left or right] (12 biii). the equilibrium price would rise g_r_ fall. [Pe would rise or fall] Q2 biv). the equilibrium quantity would rise or fall. [Qe would rise or fall] Question 2c) (3 marks) Chicken is a substitute for fillet steak. If the price of chicken reduces, what will happen to the fillet steak market? Ans: [3 marks or 0 mark) Q2 ci). The supply g demand curve. [the supply curve or demand curve] Q2 cii). it will shift to the left g right. [shift to the left or right] Q2 ciii). the equilibrium price would rise p_rfa|l. [Pe would rise or fall] Q2 civ). the equilibrium quantity would rise or fall. [Qe would rise or fall] Question 2d) (2 marks) As a result of the above two scenarios, what would be the ultimate combined results for the equilibrium price (Fe) and output (Qe) for fillet steak. Explain. Q2 d) Ans: (2 marks or 0 mark) i. Pe will rise, Qe uncertain. ii. Pe will fall, Qe uncertain. iii. Pe will be uncertain, Qe will rise. iv. Pe will be uncertain, Qe will fall. Explanation