During spring of 2015, an outbreak
During spring of 2015, an outbreak of bird flu led to the extermination
of millions of chickens in the U.S. [Chickens are bred for production of meat and eggs]. The bird flu did not affect turkeys.
Use a graphical supply and demand analysis to show the effect of extermination of chickens on i) the equilibrium price and quantity of turkey meat, and ii) the equilibrium price and quantity of chicken eggs. Assume regular supply and demand graphs for both markets and fully label your graphs. Supplement your graphical analysis with written explanation for each case.