Microeconomics 6th Edition by Robert Hall, Shirley Kuiper, Marc Lieberman

Exercise 14

In the late 1990s and through 2000,the British public became increasingly concerned about "Mad Cow Disease," which could be deadly to humans if they ate beef from these cattle. Fearing the disease,many consumers switched to other meats,like chicken,pork,or lamb. At the same time,the British government ordered the destruction of thousands of head of cattle. Illustrate the effects of these events on the equilibrium price and quantity in the market for British beef. Can we determine with certainty the direction of change for the quantity? For the price? Explain briefly.