(Answered) In 2013 in and out charged 650 for a hamburger and sold

Economics

In 2013, In and Out charged $6.50 for a hamburger and sold 3,000,000 of them. In 2016, although In and Out raised the price to $8.00, sales of his burgers rose to 4,000,000. Use the concepts of a shift in the demand curve versus a movement along the demand curve to explain why this increase in sales does not represent a violation of the law of demand. Provide examples and details that explain this occurrence.

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Business Economics, Economics

Category:- Business Economics
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