Question
What type of graph is reflected in the following article: The shift in supply is related to the beef market, because meat packers are lacking
What type of graph is reflected in the following article:
The shift in supply is related to the beef market, because meat packers are lacking refrigerant to keep meat frozen and safe to process. This would cause a leftward shift of the supply curve, because an inability to keep meat frozen will prevent a packer from supplying as much.
The second topic is related to ethanol production. As expected, people are driving much less due to shutdowns, and so fuel demand has really dropped. This has greatly impacted the demand for ethanol and shifted the demand curve to the left. This leftward shift would cause a decrease in price and quantity, and a leftward shift in the supply curve (for beef) would cause equilibrium price to increase and quantity to increase. "We're headed for a train wreck in terms of the CO2 market," said Geoff Cooper, president of the Renewable Fuels Association industry group.
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