Use the data here to draw the supply and demand curves for a hamburger. You do not have to share your drawings; just reference them to answer the questions.
Imagine a hamburger has the following demand and supply schedule:

Reference the data above to answer these questions:
Calculate the equilibrium price and quantity of a hamburger. Show how you calculated the equilibrium price and quantity.
What are some factors that could cause the supply curve for a hamburger to shift left? To shift right?
What are some factors that could cause the demand curve for a hamburger to shift left? To shift right?
In your opinion, do you think demand of a hamburger is increasing, decreasing, or staying the same over time? Explain your answer.

Transcribed Image Text:

Quantity Demand 10 7 Quantity Supplied Price S5 S8 $10 7 10