Question
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 rises.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.
(1)We also observe that the equilibrium quantity 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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