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. 4. On separate supply and demand diagrams, draw and then...
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4. 0n separate supply and demand diagrams, draw and then explain the shifts of the demand curve for
hot dogs in Bentlxville due to the following events. In each case, show the effect on equilibrium price and quality. a)
b)
C)
d)
e)
fl g) The tacos are a substitute for hot dogs. In this case the demand for hot dogs will increase,
the equilibrium price will increase, the equilibrium quantity will increase. Milk shakes are a compliment to hot dogs, meaning the demand for hot dogs will
decrease, the equilibrium price will decrease, the equilibrium quantity will decrease. The demand for hot dogs will decrease, the equilibrium price will decrease, the equilibrium quantity will decrease.
The demand for hot dogs will increase, the equilibrium price will increase, the equilibrium quantity will increase. French fries are a compliment to hot dogs, meaning the demand for hot dogs will
decrease, the equilibrium price will decrease, the equilibrium quantity will decrease. The fried chicken is a substitute for hot dogs. In this case the demand for hot dogs will
increase, the equilibrium price will increase, the equilibrium quantity will increase. The demand for hot dogs will increase, the equilibrium price will increase, the equilibrium quantity will increase.
Answer & Explanation
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