17. Another supply and demand puzzle The market price of cheeseburgers in a college town increased recently, and the students in an economics class are debating the cause of the pr increase. Some students suggest that the price increased because the price of beef, an important ingredient for making cheeseburgers, has incre Other students attribute the increase in the price of cheeseburgers to a recent increase in college student enrollment. The first group of students thinks the increase in the price of cheeseburgers is due to the fact that the price of beef, an important ingredient for making cheeseburgers, has increased. On the following graph, adjust the supply and demand curves to illustrate the rst group's explanation for the increase in the price of cheeseburg 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 snap: to its original position, just drag it a little farther. m 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 snap to its original position, just drag it a little farther. O Supply Demand O Supply PRICE (Dollars per cheeseburger) Demand QUANTITY (Cheeseburgers)The second group of students attributes the increase in the price of cheeseburgers to the increase in college student enrollment. On the following graph, adjust the supply and demand curves to illustrate the second group's explanation for the increase in the price of cheeseburgers. O Supply Demand Supply PRICE (Dollars per cheeseburger) Demand QUANTITY (Cheeseburgers)Suppose that both of the events you have just analyzed are partly responsible for the increase in the price of cheeseburgers. Based on your anal of the explanations offered by the two groups of students, how would you gure out which of the possible causes was the dominant cause of the increase in the price of cheeseburgers? 0 If the price increase was small, then the supply shift in the market for cheeseburgers must have been larger than the demand shift. 0 If the equilibrium quantity of cheeseburgers decreases, then the supply shift in the market for cheeseburgers must have been larger tl the demand shift. 0 If the equilibrium quantity of cheeseburgers decreases, then the demand shift in the market for cheeseburgers must have been larger than the supply shift. 0 Whichever change occurred first must have been the primary cause of the change in the price of cheeseburgers