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Think about the supply and demand for hamburgers

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Think about the supply and demand for hamburgers.

(a) Consider the hamburger market. Using the ideas you have learned about supply and demand, if the government taxes hamburgers, will there be more or less hamburgers sold? Explain by writing about shifting supply or demand. (Tip: draw a supply and demand diagram for the market for hamburgers on some scratch paper.)

(b) Consider the automobile market. Using the ideas you have learned about supply and demand. If there is lots of unemployment and that leads to low income for many people, will there be more or less automobiles sold? Explain by writing about shifting supply and demand. (Tip - draw a supply and demand diagram for the market for automobiles.)

Reference no: EM132368744

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