Show the effect on equilibrium price and quantity

Reference no: EM13900587

In a supply and demand diagram, draw the shift of the de- mand curve for hamburgers in your hometown due to the fol- lowing events. In each case show the effect on equilibrium price and quantity.

a. The price of tacos increases.

b. All hamburger sellers raise the price of their french fries.

c. Income falls in town. Assume that hamburgers are a nor- mal good for most people.

d. Income falls in town. Assume that hamburgers are an infe- rior good for most people.

e. Hot dog stands cut the price of hot dogs.

Reference no: EM13900587

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