Question

. Analyze this set of scenarios that follow using concepts of supply and demand:
a. Suppose that a drought in the western provinces has made grain, and therefore feed, quite expensive. Many ranchers cannot afford to feed their cattle, and have sold much of their herd for slaughter.

Analyze the immediate effect of this event on the equilibrium price and quantity of beef.
b. Chicken is a good that can be substituted for beef
Analyze the effect that the slaughter of the cattle herds will have on the equilibrium price and quantity of chicken.