For each of the following statements, draw a diagram that illustrates the likely effect on the market for eggs. Indicate in each case the impact on equilibrium price and equilibrium quantity a. The surgeon general warns that high-cholesterol foods cause heart attacks. b. The price of bacon, a complementary product, decreases. c. The price of chicken feed increases. d. Caesar salads become trendy at dinner parties. (The dressing is made with raw eggs.) e. A technological innovation reduces egg breakage during packing.

Question

06-01-2020
Business

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For each of the following statements, draw a diagram that illustrates the likely effect on the market for eggs. Indicate in each case the impact on equilibrium price and equilibrium quantity a. The surgeon general warns that high-cholesterol foods cause heart attacks. b. The price of bacon, a complementary product, decreases. c. The price of chicken feed increases. d. Caesar salads become trendy at dinner parties. (The dressing is made with raw eggs.) e. A technological innovation reduces egg breakage during packing.

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ewomazinoade ewomazinoade · Answer 1 · 2020-01-07T14:39:20+01:00

Answer:

Please find the diagrams in the attached images

Explanation:

A) If a surgeon warns that high-cholesterol foods cause heart attacks, the demand for eggs would fall because eggs are high in cholesterol. The fall in demand would shift the demand curve to the left , price and quantity would fall.

B. Complementary goods are goods consumed together. If the price of a complementary good falls, the demand for the other good increases. If the price of bacon falls, the demand for eggs would increase. The demand curve would shift to the right, the price and quantity would increase.

C. If the price of chicken feed increases, the cost of producing eggs increases and the quantity supplied falls. The supply curve shifts to the left, prices rise and quantity falls.

D. If Caesar salad becomes more trendy, the demand for eggs increases. The demand curve shifts to the right, price and quantity increases.

E. Technological innovation would increase the quantity supplied. The supply curve would shift to the right, price falls and quantity increases.

I hope my answer helps you

kasliwalalvi24 kasliwalalvi24 · Answer 2 · 2021-12-01T04:34:00+01:00

1. High-cholesterol food has an adverse effect on health, such that it can lead to attacks and stroke. The surgeon warns that food with high cholesterol leads to heart attack, then the demands for eggs will be reduced. The equilibrium curve will be shifted towards the left due to less demand and a decrease in the price.

2. The fall in the complementary goods decreases, then the demand for other goods increases. The bacon, here is a complementary good. The demand for bacon if falls, the price of eggs will be increased. The demand curve will shift towards the right due to an increase in the price.

3. The demand and supply are dependent on each other, such that if the rate of chicken feed increases, then the supply of produced eggs decreases. The demand curve will be tilted towards the left as the price increase and supply decreases.

4. The ceaser salad includes eggs. If the ceaser trend is popular in people then the demand for eggs will be increased. The demand curve will be shifted to the right.

5. The innovation in technology will lead to an increase in the supply. The supply curve will shift to the right due to a decrease in the price and an increase in quantity.

Find the graphs in the attachment below.

To know more about supply and demand, refer to the following link:

https://brainly.com/question/14741584