Answer to Question #59552 in Microeconomics for shivon cheng
The outbreak of Bird Flu in 1997 resulted in the Hong Kong government ordering the culling of more than 1.5 million chickens. The culling of chickens was simultaneously accompanied by consumers reducing their demand for life chickens due to the bird flu. Using demand and supply analysis, what was the impact on price and quantity in the market for life chickens?
If the culling of chickens was simultaneously accompanied by consumers reducing their demand for life chickens due to the bird flu, then according to decrease in supply and demand (both curves shift leftward) equilibrium price decreases, increases or may not change and equilibrium quantity decreases in the market for chickens.
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