3. Consider the market for hamburger patties, which is, let us assume, a normal good. What happens to equilibrium price and quantity of hamburgers when: a. Income decreases b. The price of hamburger buns increases c. Producers but not consumers expect beef prices to decreases in the future d. Both b and c happen at the same time For questions 3, show the standard supply & demand graph to justify your answer.

3. Consider the market for hamburger patties, which is, let us assume, a normal good. What happens to equilibrium price and quantity of hamburgers when: a. Income decreases b. The price of hamburger buns increases c. Producers but not consumers expect beef prices to decreases in the future d. Both b and c happen at the same time For questions 3, show the standard supply & demand graph to justify your answer.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 13RQ: What does a downward-sloping demand curve mean about how buyers in a market will react to a higher...

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