Draw a supply and demand graph for steak (a normal good). B

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Draw a supply and demand graph for steak (a normal good). Be sure… Draw a supply and demand graph for steak (a normal good). Be sure to label your x and y axis,and label your curves D1 and S1. Label the initial equilibrium E1.Steak and potatoes are complementary goods. What will happen to equilibrium in the market forsteak if the price of potatoes increases? Graph the impact of the price change, and label the newequilibrium point E2.After the price of potatoes increased, a breakout of mad cow disease killed all of the cattle inNorthern Illinois. Graph the impact of the dead cows and label the new equilibrium point E3.Compare E1 to E3. What is the COMBINED EFFECT of the changes in demand and supply on Priceand Quantity? How do you know?Business Economics Microeconomics ECON 251

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