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For each of the following changes in the demand or supply curves in the pizza market below, draw a graph showing the old demand and
For each of the following changes in the demand or supply curves in the pizza market below, draw a graph showing the old demand and supply curves as well as the new demand or supply curve (whichever shifts). Also show how the equilibrium price and quantity change.
Please show your work on 5 different graphs. Also, please be neat. Thank you!
- The price of mozzarella cheese rises.
- The health hazards of hamburgers are widely publicized.
- The price of tomato sauce falls.
- Consumers expect the price of pizza to fall next week.
- There is an increase in the number of pizza shops in the area.
- Income rises, and pizza is considered an inferior good.
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