From The Wall Street Journal (July 23, 1991): “Since peaking in 1976, per capita beef consumption in the United States has fallen by 28.6 percent . . . [and] the size of the U.S. cattle herd has shrunk to a 30-year low.” a. Using firm and industry diagrams, show the short- run effect of declining demand for beef. Label the diagram carefully and write out in words all of the changes you can identify. b. On a new diagram, show the long-run effect of declining demand for beef. Explain in words.