2. In a supply and demand diagram, draw the shift of the demand curve for hamburgers in your hometown due to the following events. In each case, show the effect on equilibrium price and quantity. a. The price of tacos increases. b. All hamburger sellers raise the price of their french fries. c. Income falls in town. Assume that hamburgers are a normal good for most people.
2. In a supply and demand diagram, draw the shift of the demand curve for hamburgers in your hometown due to the following events. In each case, show the effect on equilibrium price and quantity. a. The price of tacos increases. b. All hamburger sellers raise the price of their french fries. c. Income falls in town. Assume that hamburgers are a normal good for most people.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![2. In a supply and demand diagram, draw the shift of the
demand curve for hamburgers in your hometown due
to the following events. In each case, show the effect on
equilibrium price and quantity.
a. The price of tacos increases.
b. All hamburger sellers raise the price of their french
fries.
c. Income falls in town. Assume that hamburgers are a
normal good for most people.
d. Income falls in town. Assume that hamburgers are
an inferior good for most people.
e. Hot dog stands cut the price of hot dogs.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd3e1e09f-325e-4c36-baad-812d93481b3b%2F560f73af-35a3-44b3-86eb-0d8b96e6214b%2F34cgfvf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:2. In a supply and demand diagram, draw the shift of the
demand curve for hamburgers in your hometown due
to the following events. In each case, show the effect on
equilibrium price and quantity.
a. The price of tacos increases.
b. All hamburger sellers raise the price of their french
fries.
c. Income falls in town. Assume that hamburgers are a
normal good for most people.
d. Income falls in town. Assume that hamburgers are
an inferior good for most people.
e. Hot dog stands cut the price of hot dogs.
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