Ask Question
1 June, 03:48

Milk has an inelastic demand, and beef has an elastic demand. suppose that a mysterious increase in bovine infertility decreases both the population of dairy cows and the population of beef cattle by 50 percent. refer to scenario 5-4. the change in equilibrium price will be

+4
Answers (1)
  1. 1 June, 05:41
    0
    The equilibrium price is the market value where the amount of goods provided is equal to the amount of goods necessitated. The scenario in 5-3 tells us that the equilibrium price will increase in both the milk and beef markets because there was an increase in demand and a decrease in supply that will cause an increase in equilibrium price.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Milk has an inelastic demand, and beef has an elastic demand. suppose that a mysterious increase in bovine infertility decreases both the ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers