8. Shifts in supply or demand I The following graph shows the market for peanut butter in Philadelphia, where there are over 1,000 stores that sell peanut butter at any given moment. Suppose the price of hazelnut spread decreases. (Assume that people regard peanut butter and hazelnut spread as substitutes.) Show the effect of this change on the market for peanut butter by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Supply Demand Supply Demand QUANTITY (Jars) PRICE (Dollars per jar)

8. Shifts in supply or demand I The following graph shows the market for peanut butter in Philadelphia, where there are over 1,000 stores that sell peanut butter at any given moment. Suppose the price of hazelnut spread decreases. (Assume that people regard peanut butter and hazelnut spread as substitutes.) Show the effect of this change on the market for peanut butter by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. Supply Demand Supply Demand QUANTITY (Jars) PRICE (Dollars per jar)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Ch 23 Economics
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So does that mean I have to plot the points in?
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