e the demand for hamburgers? 1. Would the following increase or decreas a. (0.1
ID: 1138934 • Letter: E
Question
e the demand for hamburgers? 1. Would the following increase or decreas a. (0.1 pt) The price of hot dogs decreases. b. (0.1 pt) The price of hamburger buns decreases. c. The income of hamburger consumers increases 1. (0.1 pt) If hamburgers are a normal good 2. (0.1 pt) If hamburgers are an inferior good. 2. Would the following increase or decrease the supply for pizza? a. (0.1 pt) The price of cheese increases b. (0.1 pt) A new pizza franchise named Pizza Palace enters the market. C. (0.1 pt) A nev pizza oven is created that cutsthe time in half to cook a pizza d. (0.1 pt) If you lived in Florida, what effect might Hurricane Irma have on the supply of pizza there? 3. Consider the market for minivans in Naperville, IL. For each of the events listed below - identify which of the determinants of demand or supply are affected - indicate whether demand or supply increases or decreases draw a diagram to show the effect on the demand or supply curve. a. (0.3 pt) People in Naperville decide to have fewer children. b. (0.3 pt) A strike by steelworkers raises steel prices. c. (0.3 pt) Families are moving to Naperville at an alarming rate. d. (0.3 pt) Engineers develop new automated machinery for the production of minivans. (Make sure to label the axes.)Explanation / Answer
1) A)since hamburger and hot dogs are substitute good. Decreasing the price of hot dogs, will increase the demand of hotdogs and will reduce the Demand of hamburgers.
Thus demand of hamburger decrease.
B)When price of hamburger buns decreases there will be no change in demand of hamburger
C)1)when income of a consumer increases and hamburger is a normal good then demand of hamburger will increase.
2)When income of consumer increases then demand of hamburger will decrease because of inferior good.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.