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Unformatted text preview: that demand stays constant, draw a supply and demand graph for catfish. What do you predict will happen to the price and quantity of catfish sold? 4. What reasons does the article give for hog farmers having an advantage over catfish farmers? What term do we use for the kind of demand that hog farmers are facing? Catfish farmers? 5. Given what we know from question 4, if catfish prices rise by one dollar per unit, and this represents a 20% price increase, what do you expect will happen to the quantity of catfish demanded? If pork prices rise by one dollar per unit, and that constitutes a 20% price increase, what do you expect will happen to the quantity of pork demanded?...
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This note was uploaded on 09/23/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Fall '08 term at Pennsylvania State University, University Park.
- Fall '08