Ketchup is a complement for hot dogs. If the price of hot dogs rises, what happen...
Ketchup is a complement for hot dogs. If the price of hot dogs rises, what happen to the market for ketchup? For tomatoes? For orange juice?
Homework Answers
If the price of hot dogs rise, the demand for hot dogs fall and consequently the demand for ketchup will also fall as these two are complements to each other and are always consumed together. The price of ketchup will fall due to the decrease in demand.
As the demand for ketchup falls, the demand for tomatoes falls as it is an important input for ketchup. Likewise, the price of tomatoes falls.
Assuming orange juice is neither a complement nor a substitute to hotdogs or ketchup, the demand for orange juice is not affected.
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Ketchup is a complement for hot dogs. If the price of hot dogs rises, what happen...
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