The market price of cheeseburgers in a college town increased recently, and the students in an economics class are debating the cause of the price increase. Some students suggest that the price increased because several burger joints in the area have recently gone out of business. Other students attribute the increase in the price of cheeseburgers to a recent increase in the price of calzones at local pizza parlors.
Everyone agrees that the increase in the price of calzones was caused by a recent increase in the price of pizza dough, which is not generally used in making cheeseburgers. Assume that burger joints and pizza parlors are entirely separate entities�that is, there aren't places that serve both cheeseburgers and calzones.
1. The first group of students thinks the increase in the price of cheeseburgers is due to the fact that several burger joints in the area have recently gone out of business.
On the following graph, adjust the supply and demand curves to illustrate the first group�s explanation for the increase in the price of cheeseburgers.
I don't have the graphs because I don't know how to input it onto the question but I would like to know the change for each graphs supply and demand lines either to the left or right.
Answers: 1
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