Final answer:
To show an increase in the quantity demanded for beef on a demand curve, you would identify a new quantity where the price intersects the demand curve and draw a horizontal line to this point. To represent an increase in overall demand, you would shift the entire demand curve to the right. This graphical representation indicates more beef is demanded at every price level.
Step-by-step explanation:
If there is a fall in the price of beef in an economy, it will lead to an increase in the quantity demanded of beef and a fall in the demand for substitutes, like chicken. To show an increase in the demand for beef on a demand curve, we would need to shift the curve to the right. This shift indicates that at every price level, more beef is being demanded than before the price fall.
To illustrate this, imagine a standard demand curve where the x-axis represents the quantity of beef and the y-axis represents the price of beef. If initially the quantity demanded is Q and the price is P, the fall in the price to P1 would create a new point on the demand curve, showing an increase in quantity demanded to Q1. Therefore, you draw a dotted horizontal line from the new price level P1 through the original demand curve to the new point on the curve with the new quantity Q1. Then, draw a dotted vertical line from this point down to the horizontal axis and label this new quantity demanded as Q1.
However, it's important to note that while the increase in quantity demanded is represented by a movement along the demand curve, an increase in demand—meaning consumers want more beef at all price levels—is shown by a rightward shift of the entire demand curve. Similarly, a decrease in demand is shown by a leftward shift.