Explain

Explain. um 15 otem I orking on Try not ment Market Effects of the Bacon Burger The year of the bacon burger was 1995. It seemed as if every hamburger restaurant in the United States added a couple of strips of bacon to its burger at that time. Two pieces may not sound like much, but when you multiply them by millions of burgers, they add up to a lot of bacon. Bacon is made from slabs of uncured pork called "pork bellies." Not surprisingly, the price of pork bellies rose by nearly 50 percent during 1995. Fortunately, for bacon fans, the price increase was short-lived. After a couple of months, producers introduced more pork into the market, causing the price to fall back to its original level
Clearing Price worksheet Open with 2. Use the blank graph to draw your own demand and supply lines to show why the price of pork bellies soared during 1995. (Instead of plotting specific numbers for demand and supply, just sketch the appropriate lines.) ten 1 king on Try not for les 3. Refer to the graph you have drawn for each of the following: a. What pushed up the price of pork bellies? b. What would have occurred if the government had prevented the price of pork bellies from rising above its original level? c. Was the higher price the market's method of rationing available supplies? Explain. 4. Use the blank graph below to illustrate why the price of pork bellies dropped back toward its original level. Pago 3 13 Q +