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Question#2 .AssumeChickenhaveaninelasticdemand,andBeefhaveanelasticdemand.Supposethetechnologicaladvancedoublesthesupplyofbothproducts:(Hintusegraphs). A.Whathappentotheequilibriumpriceandquantityineachmarket? B.Whichproductexperiencesalargerchangeinprice? C.Whichproductexperiencesalargerchangeinquantity? D.Whathappentototalconsumerspendingoneachproduct.?

Question#2

.AssumeChickenhaveaninelasticdemand,andBeefhaveanelasticdemand.Supposethetechnologicaladvancedoublesthesupplyofbothproducts:(Hintusegraphs).

A.Whathappentotheequilibriumpriceandquantityineachmarket?

B.Whichproductexperiencesalargerchangeinprice?

C.Whichproductexperiencesalargerchangeinquantity?

D.Whathappentototalconsumerspendingoneachproduct.?

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