Answer to Question #234547 in Finance for Lee3415

Question #234547
Which of the following would cause the demand curve for beef hamburger to shift to the right? Choose the correct answer. Provide a reason for your correct answer. Also indicate why each of the other answers are incorrect and draw graphs for each indicating how the curves will shift or how there will be movement along a curve. (8)

The correct answer is: (a, b, c or d) ________________


a) A decline in the price of cattle feed

Insert graph here



b) A rise in the price of pork

Insert graph here




c) A decline in the price of hamburger

Insert graph here




d) A decrease in income

Insert graph here
1
Expert's answer
2021-09-08T18:49:40-0400

The correct answer is b) A rise in the price of pork.

This is because pork is a substitute good for beef hamburgers and when its price increases, people will substitute it for the beef hamburger. Therefore, this will increase the demand for beef hamburgers, hence causing the demand curve to shift to the right.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS