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Equilibrium quantity of turkey meatball falls

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Assume that turkey meatball and beef meatball are substitutes. Also note that turkey and turkey meatball are two different objects; turkey is a material to make turkey meatball. The same caution applies to beef and beef meatball.

(1) We observe that the equilibrium quantity of turkey meatball falls. Explain whether or not a fall in the price of turkey is responsible for this observation.

(2) We also observe that the equilibrium price of beef meatball falls. Explain whether or not a fall in the price of turkey is responsible for this observation.

Reference no: EM132503372

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