1.11 For years, Buffalo wings, barbequed chicken wings, have been popular at bars and restaurants, especially during...

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1.11 For years, Buffalo wings, barbequed chicken wings, have been popular at bars and restaurants, especially during football season. Now, restaurants across the country are selling boneless wings, a small chunk of chicken breast that is fried and smothered in sauce. Part of the reason for this substitution is that wholesale chicken prices have turned upside down. The once-lowly wing now sells for more than the former star of poultry parts, the skinless, boneless chicken breast (William Neuman,

“‘Boneless’ Wings, the Cheaper Bite,” New York Times, October 13, 2009). Use multimarket supply-and-demand diagrams to explain why prices have changed in the chicken breast and wings “markets.”

Note that the relationship between wings and breasts is fixed (at least, I hope so).

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Microeconomics

ISBN: 9780133456912

7th Edition

Authors: Jeffrey M. Perloff

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