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Which of the following would increase the supply of cattle? a
Which of the following would increase the supply of cattle?
a. an increase in the price of cattle feed.
b. an increase in the price of leather goods.
c. cattle prices rise.
d. new laws requiring scrubbing equipment to be used in cattle feed lots to reduce environmental damage.
Expert Solution
An increase in the price of cattle feed will cause higher costs and reduce the quantity supplied at all prices. The scrubbing equipment will have the same effect since it also raises costs.
On the other hand, b.)an increase in the price of leather goods will cause the marginal revenue to rise as producers can now charge more for raw hides and skins that are used for making leather. and increase profit per cow. That will cause suppliers to provide more cattle.
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