Answer to Question #132932 in Economics for rahul

Question

Plant-based meat alternatives are on the rise as consumers become more health and environmentally conscious. Using the demand and supply analysis, how does this trend impact the meat industry in the US? Using the steps below, you will provide a market analysis on the impact of plant-based meat alternatives on the meat industry.

1. Draw a correctly labelled demand and supply graph for the plant-based meat alternative industry in the US.

2. Now draw a correctly labelled demand and supply graph for the US meat industry

Answer 1

Since the market for plant foods prevails over the market for meat, the demand for meat decreases.

1.

2.