Use a diagram to illustrate how EACH of the following events would affects the equilibr price (ep) and equilibrium quantity (eq) of pizza. a) The price of mozzarella cheese increases. b) The health hazards of hamburgers are widely publicized. c) The price of tomato sauce falls.

Use a diagram to illustrate how EACH of the following events would affects the equilibr price (ep) and equilibrium quantity (eq) of pizza. a) The price of mozzarella cheese increases. b) The health hazards of hamburgers are widely publicized. c) The price of tomato sauce falls.

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter21: The Theory Of Consumer Choice

Section: Chapter Questions

Problem 4CQQ

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Question

Answer a,b,c

Topic: Equilibrium
Use a diagram to illustrate how EACH of the following events would affects the equilibriu
price (ep) and equilibrium quantity (eq) of pizza.
a) The price of mozzarella cheese increases.
b) The health hazards of hamburgers are widely publicized.
c) The price of tomato sauce falls.
d) The income of consumers rise and pizza is an inferior good.
e) Consumer expect the price of pizza to fall next week.

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