What happens to producer surplus in the market for tofu

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Assignment:

Assume there is a change in consumers behavior in your area. People start to eat tofu burgers instead of meat burgers, so demand for them rises.

A. Model and shortly explain what happens to producer surplus in the market for tofu burgers. Hint: illustrate your answers with a diagram by drawing the essential graphs, demonstrating prices and quantities demanded/supplied (label as P1, etc.), and showing the areas and change.

B. Model and shortly explain what happens to producer surplus in the market for tofu. Hint: illustrate your answers with a diagram by drawing the essential graphs, demonstrating prices and quantities demanded/supplied (label as P1, etc.), and showing the areas and change.

Reference no: EM133564131

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