Evaluate impact of the starting discovery in terms of supply

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Many nutritionist regard tofu as virtually a wonder food. Imagine now that yet another benefit of tofu is discovered. Mixed with a few cheap ingredients it greatly increase gasoline mileage just as it enhances performance in humans. Evaluate the impact of this starting discovery in terms of the supply and demand for tofu, the price of gasoline and substitute for tofu as a food, fish being an example. For this problem yo can assume that tofu production is perfectly competitive. In this example, describe-do not-draw-supply and demand curves.

Reference no: EM13198462

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