Typical graphical model of market supply and demand

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Consider a typical graphical model of market supply and demand as applied to the market for two endangered species products: rhino horn and elephant tusk (two separate markets). A global ban on the trade of endangered species products has been imposed. This is likely to affect both the demand and the supply for both products. The demand for rhino horn is relatively inelastic, since relatively few close substitutes exist (e.g., viagra). The demand for elephant tusk is relatively elastic, since good substitutes exist (e.g., plastics). Graphically illustrate in which market you would expect a ban to be successful and explain why.

Reference no: EM131161688

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