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a. Suppose the original market demand for hamburger is Qd = 200- 4P. Now, there is a fall in the price of omelette leading

a. Suppose the original market demand for hamburger is Qd = 200- 4P. Now, there is a fall in the price of omelette leading to a change in the demand for hamburger to Qd = 150-5P. Explain whether this is a rise or a fall in demand for hamburger. Given this, state whether omelette is a substitute or complement to hamburger. (3 marks) Suppose the market supply of hamburger is Qs = 3P - 10. Using the new demand for hamburger, find the market equilibrium price and quantity. (2 marks)

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