Illustrate the following with supply and demand curves: In March 2015, hogs in the United States were selling for 81 cents per pound, up from 58 cents per pound a year before. This was due primarily to the fact that supply had decreased during the period. Show this change in the figure on the right. 1.) Using the point drawing tool, locate the equilibrium point for 2015 in the U.S. hog market. Label your point 'E'. 2.) Using the line drawingtool, illustrate the change in the U.S. hog market between 2014 and 2015. Properly label your line 'S2015'. (Hint: Perform the steps in the order given.) Carefully follow the instructions above and only draw the required objects.

Question

02-01-2020
Business

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Illustrate the following with supply and demand curves: In March 2015, hogs in the United States were selling for 81 cents per pound, up from 58 cents per pound a year before. This was due primarily to the fact that supply had decreased during the period. Show this change in the figure on the right. 1.) Using the point drawing tool, locate the equilibrium point for 2015 in the U.S. hog market. Label your point 'E'. 2.) Using the line drawingtool, illustrate the change in the U.S. hog market between 2014 and 2015. Properly label your line 'S2015'. (Hint: Perform the steps in the order given.) Carefully follow the instructions above and only draw the required objects.

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steffimarish steffimarish · Answer 1 · 2020-01-09T18:43:07+01:00

With the decrease in the supply of the hogs in the market, there was an excess demand due to which the price of hogs in the market rose from the previous level.

Explanation:

In the year 2014, the price of the hogs in the market of the United States of America was 58 cents per pound. But with the decrease in the supply of the hogs in the market of the country, the supply curve of the same shifted towards the left side.

This created a situation of excess demand in the country because the supply in the market could not fulfill the supply of the hogs in the market. So this led to the price of the hogs rise. In the year 2015, there fore the price of hogs in the market was 81 cents per pound. This was higher than the price compared to the previous year.