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defon
3 years ago
15

Cheese is a complement for hamburgers. If the price of hamburgers rises, the quantity of hamburgers demanded , which the demand

for cheese. Because of the change in the equilibrium quantity of cheese, the demand for milk by cheese producers , causing the equilibrium price of milk to . This means producers of butter face input prices, and the supply of butter . The resulting in the price of butter causes people to substitute , so the demand for jam .
Business
1 answer:
12345 [234]3 years ago
3 0

Answer:

Cheese is a complement for hamburgers. If the price of hamburgers rises, the quantity of hamburgers demanded will <em>fall</em>, which will lead to a <em>fall in the demand</em> for cheese, as cheese and hamburgers are complements to each other. A rise in price of a complementary good will lead to a fall in demand for the complementary good as well. Because of the change in <em>demand</em> for cheese the equilibrium quantity of cheese will <em>fall</em> and the equilibrium price for cheese will also <em>fall</em>, the demand for milk by cheese producers will <em>decline</em>, causing the equilibrium price of milk to <em>fall</em>. This means producers of butter face <em>lower</em> input prices and the supply of butter will <em>rise</em>. The resulting <em>decline</em> in the price of butter causes people to substitute <em>jam for butter</em>, so the demand for jam will <em>decline</em>.

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The correct answer is Less than the estimated costs.

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In  the question above, it can be seen that the increase in income of the first person brought about increase in the commodity demanded thereby making his income elasticity of demand positive. one the other hand, the increase in the income of his roommate, brought about decrease in his demand which translate to the fact that his income elasticity of demand would be negative.

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