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Ketchup is a complement (as well as a condiment) for hot dogs. If the price of hot dogs rises, what happens in the market for ketchup? For tomatoes? For tomato juice? For orange juice?
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Chapter 4
The Market Forces of Supply and Demand
How Markets Work
Firm Behavior and the Organization of Industry
Markets and Welfare
Ayush R.
October 29, 2020
Sharieleen A.
October 26, 2020
Yi Chun L.,thanks this was super helpful.
Catherine A.
Finally, now Im done with my homework
Frank V.
September 21, 2020
Hey Hank, Demand can mean either market demand for a specific good or aggregate demand for the total of all goods in an economy.
Demand can mean either market demand for a specific good or aggregate demand for the total of all goods in an economy. Hope that helps.
Hank S.
Where did they get the demmand?
Sam L.
Hey Holly, Supply is a stock of a resource from which a person or place can be provided with the necessary amount of that resource.
Holly S.
What is a supply?
Alexis B.
Jessica, I think Quantity is the amount or number of a material or immaterial thing not usually estimated by spatial measurement. Hope that helps.
Jessica G.
Can someone explain what the Quantity is?
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we're question seven. You know that ketchup is a compliment for hot dogs. So it the price of hotdogs rice is what happens to the market off ketchup. So we know that now, if the price praise of the hot dog see hot dog close up people is going to buy fewer hot dog. So the demand for hot dog goes down. So if we do not eat hot dogs, we don't need Kendra. So we can see that in the market of cage up, it is the demand occur that shifts to the left. Let's quickly draw her. It's supply and demand curves. Okay, so this is for a catch up market. We know that the demand goes down because people are not eating hot dogs because he's too pricey. So people are not using ketchup a swell. So we know that the price of ketchup also goes down. Praise of pain. It goes down in a quantity. Okay, goes down. All right. And then what happens to tomato tomato market s so we know that we made ketchup from tomatoes. So who's so if we do not be made s o much? I can't jump. We don't need so much, So many tomatoes. This well, So now is the market for tomatoes in his also the case that the demand for Oh, sorry, I should use refuse it only erases really mean for tomatoes also goes down So praise goes down in home quantity goes down. And what about for to me o juice And we know that tomato juice is made of tomatoes so listless the market for tomato Choose Teo So we know that was the price of tomato goes down As this question be says, um, the money the firm spent to produce two may know twos is going house, which means that they can supply more tomato juice. Why do to the cost ofthe tomato, which is their ingredient is slower. So when they supply more tomato juice, the price of the tomato juice closed down. Quentin E goes up. Where should I should I actually write a team here? Um, tomato juice. Okay. And the last question, What about for orange juice? So if we know that, so the last question is easy, so I would not draw a graph here. So if we know that tomato juice that's raw tomato, tomato juice in a orange to I don't have orange OK in orange to stay hard. Maybe like substitute. So if it is, it is cheaper to because we know that. Okay, the price off tomato juice goes down. Right? So it's cheaper too, right? It is cheaper to buy tomato useful to be over by this instead of orange juice, even if we assume that they're like substitute so that the man for orange choose goes down. So the price of the orange juice well, so goes down. Don't want to go down and then I'll Quantity Co Thomas will.
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