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Question: bilmes discuss and explain in your 0wrwor war 3 persistent...

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Bilmes discuss, and explain in your 0wrwor war. 3. Persistent drought conditions in Texas have dried up much of the grassland and resulted in cattle ranchers culling th on the following product markets (underlined). Label your diagrams clearly and explain each briefly. eir herds. Use supply and demand to illustrate the impact of this event a. The price and quantity of beef b. The price and quantity of hamburger buns, c. The price and quantity of chicken (assuming that chicken is a substitute for beef). d. The price and quantity of beef barley soup In each of your four answers, please tell me Ewhich curve is affected (demand or supply) whether it increases or decreases and rice determinant in causing the shift. Please draw a clearly labeled diagram for each part of the question (four diagrams in all). Each diagram should have both a demand and supply curve with the original equilibrium marked (E1). On the same diagram illustrate either a demand or supply curve shift (depending on the event mentioned in the question), and mark the new equilibrium (E2). Follow the preceding directions for each of the four diagrams. NOTE: Your answers should be typed but I encourage you to draw all graphs by hand.

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