Draw a graph showing the market demand and supply for beef and the demand for beef...

Draw a graph showing the market demand and supply for beef and the demand for beef produced by one beef farmer. Make sure that you indicate the market price and the price received by the beef farmer. Assume that the beef market is perfectly competitive.

Expert Solution

Ans)-

The left hand side of the figure (figure 'a') shows the market demand (downward sloping demand curve 'D' ) and supply (upward sloping demand curve 'S') for beef. The equlibrium market price and quantity of beef determined by the intersect of demand curve 'D' and supply curve 'S'. So, 'E' is the equilibrium point of the market.

Hence the market price of the beef is 'P' indicated in the above figure.

Since market is perfectly competition, the individual producer will be the price taker in the market i.e. the price received by the producer for each unit of beef will be 'P'.

The right hand side of the figure (figure 'b') shows the demand for beef produced by one beef farmer. i.e. the horizontal line (denoted by 'd') corresponding to price level 'P'(price given by the market).

Rahul Sunny answered 2 years ago

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