Beef Industry Supply and Demand

Many people in the United States purchase beef on a regular basis. The amount as beef purchased in a given period depends on supply and demand. Demand is a curve that shows the amount of a product consumers are willing and able to purchase at different prices during a certain period of time (McConnell 2005). Six determinants of demand include * Change in buyer tastes * Change in number of buyers * Change in income * Change in the price …showed first 75 words of 579 total…

…showed last 75 words of 579 total…attention to demand. Supply and demand should reach an equilibrium. The amount of beef consumers are will in to purchase at a certain price should match the amount supplied at that price. If it does not, there will either be a surplus of beef, or a shortage. References: High beef prices defy mad-cow scare. (2004). Retrieved July 22, 2005 from http://msnbc.msn.com/id/4772640/ McConnell, and Brue. (2005). Economics- Principles, problems, and policies (16th ed.). New York: McGraw-Hill.