Q1 You are a beef cattle farmer and operate in a perfect competitive industry. There is a health scare on the human consumption of beef which has resulted in the huge fall in the demand for beef. What would be the short run and long run effects of this on the firm and industry? Consider both the effects on price and quantity. (275 words)
Q2. You are one of the Australia’s wheat producers and have just learned that the demand for bread, cereal, and oats has decreased substantially whole over the world. Will you be still in the industry or move into some other industry. Explain in the context of economics models and theory. (275 words)
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