****Hot dog prices DECREASED.**** Homework: Chapter 3 Homework Score: 0 of 1 pt
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****Hot dog prices DECREASED.****
Homework: Chapter 3 Homework Score: 0 of 1 pt Concept Question 3.7 Save 11 of 25 (9 complete) HW Score: 36%, 9 of 25 pts Question Help * Harry loves both hot dogs and hamburgers. He receives about the same satisfaction from eating one hamburger as he does from eating one hot dog, and the two goods fil the same need in Harry's life Hamburgers The price of hot dogs has been extremely volatile for the past several years, and this year is no exception. Hot dog prices decreased tremendously this month. Assuming hot dogs and hamburgers are substitutes for Harry, what will happen to Harry's demand for hamburgers? Using the line drawing tool, depict the effect on Harry's demand for hamburgers due to the decrease in the price of hot dogs. Properly label this line Carefully follow the instructions above and only draw the required object. uantity per Click the graph, choose a tool in the palette and follow the instructions to create your graph.Explanation / Answer
Since hot dog and hamburgers are substitutes, and substitute goods serve as replacements for each other, So when the price of one increases (decreases), demand for the other increases (decreases).
In order to save money, people generally use its substitute product if price of one product increases.
As shown in graph, Since the price per unit of hot dog decreases So Quantity used per month of hot dog increases So demand of hot dog decreases which is shown by a downward sloping line.
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