The graph on the right shows the market forhamburger, which is in equilibrium. Hamburger is a normalgood, and people like to eat cheese with hamburger. Beef is an input to hamburger production.

Suppose that there is anincreaseinthenumberoffirms inthemarket.

1.) Using the line drawing tool, show the effect on the market. Properly label your new curve.

2.) Using the point drawing tool, show the new equilibrium price and quantity. Label your point'E'.

Carefully follow the instructionsabove, and only draw the required objects.