Question
Complete this market graph: In the market for snacks, Cheetos are gaining popularity over Lay's Barbecue Chips. At the same time, Lay's has invested in
Complete this market graph:
In the market for snacks, Cheetos are gaining popularity over Lay's Barbecue Chips. At the same time, Lay's has invested in new technology to better produce Barbecue, Sour Cream and Onion, and Lay's Classic Chips. Identify the appropriate changing non-price determinant(s) and draw a market equilibrium graph to illustrate what is happening in the market for Lay's Barbecue Chips.
1. Explain which non-price determinant(s) of demand and/or supply are changing.
2. Draw your own graph on a piece of paper (don't download a graph from the internet).
3. Clearly label all axes, lines, and equilibriums. Include all relevant information.
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