Assume that hotdogs and hamburgers are substitute goods

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Assume that hotdogs and hamburgers are substitute goods. In the competitive market for hamburgers, there is an increase in the price of hotdogs (due to a decrease in the supply of hotdogs), and an increase in the cost of beef, an input used in production to make hamburgers. What happens to the equilibrium price and quantity of hamburgers? Use supply and demand analysis to demonstrate your answer (using graphs).

Reference no: EM131173927

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