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Answer to Question #83344 in Economics of Enterprise for samantha
Question #83344
suppose that steak is a normal good.In each case below identify the effect on the demand curve for steak and draw a well labelled diagram to illustrate the effect.
1. An increase in the price of lamb
1. An increase in the price of lamb
Expert's answer
If steak is a normal good, then an increase in the price of lamb will increase the demand for steak, because they are substitutes, so the price and quantity demanded of steak will increase.
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