a) i) Left shift in the supply curve, increase in equilibrium price, and decrease in equilibrium quantity.
ii) If cattle can be used for both livestock and dairy purposes, the supply curve changes to the right, the equilibrium price decreases, and the equilibrium quantity increases as dairy use becomes more appealing.
iii) Fat concerns push demand to the left, the equilibrium price and quantity both decrease, and the equilibrium. A rise in the price of sugar causes a shift in supply to the left, a rise in the equilibrium price, and a decrease in the equilibrium quantity. The equilibrium quantity will eventually decrease, but it's not obvious how this will affect prices.
b) i) People won't buy seafood if there is a demand for it.
More will be available (shift to the right)
The demand will drop (shift to the left)
ii) a drop in price
If supply increases more than quantity, quantity will increase, and if demand increases more than supply, quantity will drop at equilibrium.
The relationship between the price of an item or service and the volume supplied over a specific time period is represented graphically by the supply curve. The price will typically be shown on the left vertical axis of an example, and the quantity given will be shown on the horizontal axis. Supply curves may frequently predict whether demand will cause a commodity's price to rise or fall, and vice versa. For products whose supply is more elastic, the supply curve is shallower (closer to the horizontal), whereas for those whose supply is less elastic, the curve is steeper (closer to the vertical). The demand and supply curves are the two main tenets of the law of supply and demand.
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