Can you please provide visual graphs for questions, 1, 2, 3, 5, and 6
1. Draw a correctly labelled demand and supply graph for the plant-based meat alternative industry in the US. [3 points]
2. Consumers tastes are changing, more people are choosing healthier and environmentally friendly food options. Show on the graph how this impact the plant-based meat alternative industry in the US. What happens to market (equilibrium) price and quantity? Explain your prediction. [4 points]
3. Now draw a correctly labelled demand and supply graph for the US meat industry. [3 points]
4. Are plant-based meat alternatives complements or substitutes to meat? Explain. [2 points]
5. Show the impact of consumers switching to plant-based meat alternative on the meat industry graph. How would this affect the market (equilibrium) price and quantity for meat? Explain your prediction. [4 points]
6. Let's assume that there is an outbreak of 'mad cow disease' in the US - a flu virus that affects cows, and is considered harmful to humans if we consume the meat that is infected. In response, the authorities have ordered cattle farmers to kill all livestock that has been tested positive. On the same graph, show how this would impact the market (equilibrium) price and quantity for the US meat industry. Explain your prediction [4 points]
7. In the video, it gives a projection of global meat supply for 2040. Do you agree or disagree with this trend? Explain your reason. [2 points]