How is each of the following events likely to shift the supply curve or the demand curve for fast-food hamburgers in the United States? Make sure you indicate which curve (curves) is affected and if it shifts out or in.
a. The price of beef triples.
b. The price of chicken falls by half.
c. The number of teenagers in the economy falls due to population aging.
d. Mad cow disease, a rare but fatal medical condition caused by eating tainted beef, becomes common in the United States.
e. The Food and Drug Administration publishes a report stating that a certain weight-loss diet, which encourages the intake of large amounts of meat, is dangerous to one's health.
f. An inexpensive new grill for home use that makes delicious hamburgers is heavily advertised on television.
g. The dollar rises relative to foreign currencies so that it becomes expensive for foreign tourists to travel to the United States on vacation.
h. The minimum wage rises.
How is each of the following events likely to shift the supply curve or the demand curve for fast-food hamburgers in the United States? Make sure you indicate which curve (curves) is affected and if it shifts out or in.
a. The price of beef triples.
b. The price of chicken falls by half.
c. The number of teenagers in the economy falls due to population aging.
d. Mad cow disease, a rare but fatal medical condition caused by eating tainted beef, becomes common in the United States.
e. The Food and Drug Administration publishes a report stating that a certain weight-loss diet, which encourages the intake of large amounts of meat, is dangerous to one's health.
f. An inexpensive new grill for home use that makes delicious hamburgers is heavily advertised on television.
g. The dollar rises relative to foreign currencies so that it becomes expensive for foreign tourists to travel to the United States on vacation.
h. The minimum wage rises.
