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Assume that turkey meatball and beef meatball are substitutes.Also note that turkey and turkey meatball are two different objects; turkey is a material to make

Assume that turkey meatball and beef meatball are substitutes.Also note that turkey and turkey meatball are two different objects; turkey is a material to make turkey meatball.The same caution applies to beef and beef meatball.

  1. We observe that the equilibrium price of turkey meatball falls.Explain whether or not a rise in the price of turkey is responsible for this observation. You must use a graph for turkey meatball market in your explanation.
  2. We also observe that the equilibrium price of beef meatball rises. Explain whether or not a rise in the price of turkey is responsible for this observation. You must use a graph for beef meatball market in your explanation.

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