The following supply and demand schedule provides data regarding Burger King's Whopper burgers. Plot the supply and demand curves and answer the questions below. Whopper Burgers Price Quantity Demanded Quantity Supplied 5 6. 2. 7 4. What would happen if Burger King executives arbitrarily decided to change the price of Whoppers from 6 dollars to 5 dollars? a. This new price would change the supply of Whoppers. b. This would cause a surplus, because the quantity of Whoppers supplied exceeds the quantity of Whoppers demanded at that price. C. This would cause a shortage, because the quantity of Whoppers demanded exceeds the quantity of Whoppers supplied at that price. X d. This neww price would change the demand of Whoppers.

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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## Supply and Demand Schedule for Burger King’s Whopper Burgers

### Data Table

The following supply and demand schedule provides data regarding Burger King’s Whopper burgers. Plot the supply and demand curves and answer the questions below.

| Whopper Burgers Price | Quantity Demanded | Quantity Supplied |
|-------------------------|---------------------|-------------------|
| $4                      | 7                   | 0                 |
| $5                      | 4                   | 1                 |
| $6                      | 2                   | 2                 |
| $7                      | 0                   | 4                 |

### Analytical Questions

1. **What would happen if Burger King executives arbitrarily decided to change the price of Whoppers from 6 dollars to 5 dollars?**

   a. This new price would change the supply of Whoppers.
   
   b. This would cause a surplus because the quantity of Whoppers supplied exceeds the quantity of Whoppers demanded at that price.
   
   c. This would cause a shortage because the quantity of Whoppers demanded exceeds the quantity of Whoppers supplied at that price.
   
   - **d. This new price would change the demand of Whoppers.** *(Correct Answer)*

### Explanation
- The correct answer to the question is marked with an X and highlighted in a red box. 

### Graphs or Diagrams
- There are no graphs or diagrams in the provided image, but students are encouraged to plot the data to visualize the supply and demand curves for better understanding. The data suggests typical downwards-sloping demand and upwards-sloping supply curves.
Transcribed Image Text:## Supply and Demand Schedule for Burger King’s Whopper Burgers ### Data Table The following supply and demand schedule provides data regarding Burger King’s Whopper burgers. Plot the supply and demand curves and answer the questions below. | Whopper Burgers Price | Quantity Demanded | Quantity Supplied | |-------------------------|---------------------|-------------------| | $4 | 7 | 0 | | $5 | 4 | 1 | | $6 | 2 | 2 | | $7 | 0 | 4 | ### Analytical Questions 1. **What would happen if Burger King executives arbitrarily decided to change the price of Whoppers from 6 dollars to 5 dollars?** a. This new price would change the supply of Whoppers. b. This would cause a surplus because the quantity of Whoppers supplied exceeds the quantity of Whoppers demanded at that price. c. This would cause a shortage because the quantity of Whoppers demanded exceeds the quantity of Whoppers supplied at that price. - **d. This new price would change the demand of Whoppers.** *(Correct Answer)* ### Explanation - The correct answer to the question is marked with an X and highlighted in a red box. ### Graphs or Diagrams - There are no graphs or diagrams in the provided image, but students are encouraged to plot the data to visualize the supply and demand curves for better understanding. The data suggests typical downwards-sloping demand and upwards-sloping supply curves.
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