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1. On separate supply and demand diagrams, draw and then explain the shifts of the demand curve for hot dogs in Bentlyville due to the following events. In each case, show the effect on equilibrium price and quality.
a) The price of tacos increases.
b) The price of milk shakes drunk with hot dogs increases.
c) Research shows that hot dog stands help increase the spread of Covid.
d) Income falls in town. (Assume that hot dogs are an inferior good for most people.)
e) All hot dog sellers raise the prices of their French fries.
f) Fried chicken stands raise the price of fried chicken.
g) Income rises in town. (Now assume that hot dogs are a normal good for most people.)
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