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Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.

Second, change something on the demand or supply side, i.e increase or decrease one of the determinants of demand ( or supply). Write a short description of what you changed and how it should affect the equilibrium price or quantity. Did teh equilibrim price and quantity do what you expected? Why or why not?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9292242

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