Answer to Question #147877 in Economics for Hailey

Question

With one chicken farm in Cholesterolville and 10 chickens, Farmer can produce approximately four dozen eggs per week. (Each chicken lays live per week He selis one dozen eggs each to 10 families. Demand for these eggs will be high, causing the cost of the eggs to be high as well Eggs will be scarce . Now that the cost has gone up , what will happen to the Cholesterolville ? Why ? 2. What will this do to the supply of eggs? 3. How will this affect the cost of and demand for eggs ? 4. What will happen to the many chicken farms in Cholesterolville (the supply) as a result of the change in price ? 5. Explain why this is a circular cycle.

Answer 1

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