Problem
In 2001, Europeans became very concerned about what is called mad cow disease, and thus about the dangers posed by eating contaminated meat. What would this concern do to the demand curve for beef? to the demand curves for chicken and fish? to the equilibrium price of beef, chicken, and fish? Mad cow disease is spread by feeding cows food that contains parts from infected animals. Presumably the reason why cows are fed this food is that doing so is cheaper than relying exclusively on grain. What is the onsequence for the supply curve of beef of restricting feed to grain? What are the consequences for the price of beef (a) if the new restrictions fail to restore confidence in beef and (b) if the new restrictions succeed in restoring confidence so that the demand curve returns to its original position? At about the same time in Europe, there was an outbreak of hoof-and-mouth disease; to stop the spread of the disease, large numbers of cattle were killed. What does this do to the supply curve of beef? to the equilibrium price of beef?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.