For these examples you will be looking at the hamburger (a normal good) market. Identify the determinant (shifter) for each scenario. Price of tacos, a substitute, decreases V [ Choose ] ho Demand- Tastes and Preferences Demand- Number of consumers Strange virus kills 20% of cows Supply- Government Action Trick question, prices doesn't shift the curve Incomes fall due to recession Supply- Prices and availability of inputs Demand- Income Supply- Expectations of Future Profit Government taxes burger producers Supply- Technology Demand- Price of related goods Demand- Future Expectations Price increases to $5 for hamburgers Choose] New bun baking technology cuts production time in half [Choose] New health craze- "No ground Beef" [Choose) [Choose] Minimum wage increases to $20 Hamburger restaurants announce that they will significantly increase Choose ) prices NEXT month [Choose] Population boom
For these examples you will be looking at the hamburger (a normal good) market. Identify the determinant (shifter) for each scenario. Price of tacos, a substitute, decreases V [ Choose ] ho Demand- Tastes and Preferences Demand- Number of consumers Strange virus kills 20% of cows Supply- Government Action Trick question, prices doesn't shift the curve Incomes fall due to recession Supply- Prices and availability of inputs Demand- Income Supply- Expectations of Future Profit Government taxes burger producers Supply- Technology Demand- Price of related goods Demand- Future Expectations Price increases to $5 for hamburgers Choose] New bun baking technology cuts production time in half [Choose] New health craze- "No ground Beef" [Choose) [Choose] Minimum wage increases to $20 Hamburger restaurants announce that they will significantly increase Choose ) prices NEXT month [Choose] Population boom
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Have to pick the shifter for each scenario
![Question 3
For these examples you will be looking at the hamburger (a normal good) market. Identify the determinant (shifter) for each scenario.
Price of tacos, a substitute, decreases
[ Choose ]
Demand- Tastes and Preferences
Demand- Number of consumers
Strange virus kills 20% of cows
Supply- Government Action
Trick question, prices doesn't shift the curve
Incomes fall due to recession
Supply- Prices and availability of inputs
Demand- Income
Supply- Expectations of Future Profit
Government taxes burger producers
Supply- Technology
Demand- Price of related goods
Demand- Future Expectations
Price increases to $5 for hamburgers
Choose
New bun baking technology cuts production time in half
[Choose]
[Choose]
New health craze- "No ground Beef"
[Choose]
Minimum wage increases to $20
Hamburger restaurants announce that they will significantly increase
prices NEXT month
[Choose)
[Choose]
Population boom
5 pts](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffd8bff68-662c-426a-bc87-78471b63a399%2F6580f0f4-4ccd-4891-9d03-1a02f2e06c05%2Fjmzope7_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question 3
For these examples you will be looking at the hamburger (a normal good) market. Identify the determinant (shifter) for each scenario.
Price of tacos, a substitute, decreases
[ Choose ]
Demand- Tastes and Preferences
Demand- Number of consumers
Strange virus kills 20% of cows
Supply- Government Action
Trick question, prices doesn't shift the curve
Incomes fall due to recession
Supply- Prices and availability of inputs
Demand- Income
Supply- Expectations of Future Profit
Government taxes burger producers
Supply- Technology
Demand- Price of related goods
Demand- Future Expectations
Price increases to $5 for hamburgers
Choose
New bun baking technology cuts production time in half
[Choose]
[Choose]
New health craze- "No ground Beef"
[Choose]
Minimum wage increases to $20
Hamburger restaurants announce that they will significantly increase
prices NEXT month
[Choose)
[Choose]
Population boom
5 pts
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what would "Minimum wage increases to $20" be?
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