Explain the price of turkey is responsible for meatball

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Question:- 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 price of turkey meatball rises. Explain whether or not a rise in the price of turkey is responsible for this observation. (2) We also observe that the equilibrium quantity of beef meatball rises. Explain whether or not a rise in the price of turkey is responsible for this observation.

Reference no: EM133297106

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