1?. Another supph,l and demand puzzle The market price of hamburgers in a college town decreased recently, and the students in an economics class are debating the cause of the price decrease. Some students suggest that the price decreased because several new burger joints have recently opened in the area. Other students attribute the decrease in the price of hamburgers to a recent decrease in the price of pia at local pizza parlors. Everyone agrees that the decrease in the price of piaa was caused by a recent decrease in the plice of marinara sauce, which is not generally used in making hamburgers. Assume that burger joints and pizza parlors are entirely separate entitiesthat is, there aren't places that serve both hamburgers and pizza. The rst group of students thinks the decrease in the price of hamburgers is due to the fact that several new burgerjoints have recently opened in the area. On the following graph, adjust the supply and demand curves to illustrate the rst group's explanation for the decrease in the price of hamburgers. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. O Supply Demand Supply PRICE (Dollars per hamburger) Demand QUANTITY (Hamburgers)The second group of students attributes the decrease in the price of hamburgers to the decrease in the price of pizza at local pizza parlors. On the following graph, adjust the supply and demand curves to illustrate the second group's explanation for the decrease in the price of hamburgers. O Supply Demand O Supply PRICE (Dollars per hamburger) Demand QUANTITY (Hamburgers)Suppose that both of the events you have just analyzed are partly responsible for the decrease in the price of hamburgers. Based on your analysis of the explanations offered by the two groups of students, how would you figure out which of the possible causes was the dominant cause of the decrease in the price of hamburgers? O Whichever change occurred first must have been the primary cause of the change in the price of hamburgers. O If the equilibrium quantity of hamburgers decreases, then the demand shift in the market for hamburgers must have been larger than the supply shift. O If the equilibrium quantity of hamburgers decreases, then the supply shift in the market for hamburgers must have been larger than the demand shift. If the price decrease was large, then the supply shift in the market for hamburgers must have been larger than the demand shift