Posted by Tami on .
For each of the following situations for the egg market, describe what the impact on the equilibrium price and equilibrium quanity would be.
1-A sureon general warns that high-cholesterol foods cause heart attacks.
- This would cause the price to drop and the quanity to increase
2-The prices of bacon, a complementary product, decrease.
-This would cause egg prices to increase and the quanity to decrease.
3-An increase in the price of chicken feed occurs.
-This would increase the price, but the quanity would stay the same.