From The Wall Street Journal (July 23, 1991): "Since peaking in 1976, per capita beef consumption in the United States has fallen by 28.6 percent ... [and] the size of the U.S. cattle herd has shrunk to a 30-year low."

Using firm and industry diagrams, show the short run effect of declining demand for beef. Label the diagram carefully and write out in words all of the changes you can identify.


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Answered 1 year ago
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In this question, we have been asked to draw both the firm and industry diagrams for both short as well as the long run for the beef market.

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