which makes sense to bubble in? **Understanding the Causes of Increased Pizza Prices**Consider that both causes suggested by the students are partially responsible for the rise in pizza prices. Based on the analysis of the explanations provided by the two student groups, how would you determine which cause is the dominant factor in the increase in pizza prices?1. **If the price increase was large**, then the supply shift in the market for pizzas must have been larger than the demand shift.2. **If the equilibrium quantity of pizzas increases**, then the demand shift in the market for pizzas must have been larger than the supply shift.3. **If the equilibrium quantity of pizzas increases**, then the supply shift in the market for pizzas must have been larger than the demand shift.4. **Whichever change occurred first** must have been the primary cause of the change in the price of pizzas.For an educational understanding, it's crucial to comprehend the concepts of supply and demand shifts and their effects on market equilibrium and prices. The explanation and analysis help in identifying the stronger factor influencing the price change, which is a foundational concept in economic studies. **10. Changes in Equilibrium Price and Quantity**The market price of pizzas in a college town increased recently, and the students in an economics class are debating the cause of the price increase. Some students suggest that the price increased because several pizza parlors in the area have recently gone out of business. Other students attribute the increase in the price of pizzas to a recent increase in the price of hamburgers at local burger joints.Everyone agrees that the increase in the price of hamburgers was caused by a recent increase in the price of ground beef, which is not generally used in making pizzas. Assume that pizza parlors and burger joints are entirely separate entities—that is, there aren’t places that serve both pizzas and hamburgers.The first group of students thinks the increase in the price of pizzas is due to the fact that several pizza parlors in the area have recently gone out of business.

There are sometimes changes in both demand and supply of a good. The net effect depends on the…

Answered: which makes sense to bubble in?

Business

Economics

which makes sense to bubble in?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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