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Lookup NU author(s): Dr Lionel Hubbard
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By 1999 consumption of beef in the UK had recovered to its pre-BSE level of 1995, but what about demand? Simple market analysis demonstrates that given an initial negative shift in the demand schedule, there are five possible combinations of subsequent shifts in demand and supply that result in consumption returning to its original level. Thompson and Tallard (EuroChoices, Spring 2003) contend that demand did not recover until 2001, which implies a positive shift in supply, i.e. more beef supplied at any given price. A more likely outcome, however, is a negative supply shift, because of additional BSE-related costs and the removal of beef from the food chain. This requires demand to have more than recovered by 1999. Thus any investigation of the impact of BSE on the beef market needs to consider supply as well as demand changes.
Author(s): Hubbard L
Publication type: Article
Publication status: Published
ISSN (print): 1478-0917
ISSN (electronic): 1746-692X
Publisher: Wiley-Blackwell Publishing
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