Problem
Suppose that a new technology is invented that dramatically increases the productivity of all firms in the mock meat industry.
• What is the likely impact on equilibrium price and quantity in the mock meat market? In addition, describe which curve is going to shift, what is going on in the market immediately after the shift, and how the market comes back to an equilibrium point. (The lecture videos from chapter 4 and 5 will help you)
• What is the likely impact on the equilibrium price and quantity in the animal based beef market? In addition, describe which curve is going to shift and why, what is going on in the market immediately after the shift, and how the market comes back to an equilibrium point. (The lecture videos from chapter 4 and 5 will help you)