answersLogoWhite

0


Best Answer

since hamburges don't contain chicken, it would be best to treat them as substitute goods. If the price of chicken increases, more people will eat Hamburgers, which will also increase the price of hamburgers.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is the impact of an increase in the price of chicken on the price of hamburgers?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Continue Learning about Economics

Which is true If the demands for a product is inelastic?

a price increase does not have a significant impact on buying habits


Will an increase in inflation have a larger impact on the price of a bond or preferred stock?

The preferred stock


What is the Significance of cross elasticity in business decision making?

The degree of change in the demand for one product as a response to a change in the price of a different product. For example, an increase in the price of petroleum is likely to have a negative impact on the demand for gas-guzzling vehicles and a positive impact on the demand for fuel-efficient vehicles. The cross elasticity for substitutes is generally positive, in that a price increase for one product will result in an increase in demand for a substitute.


How do substitute goods and complementary goods affect demand for another good?

Substitutes and complements is the fact that a change in price of one of the goods has an impact on the demand for the other good. For substitutes, an increase in the price of one of the goods will increase demand for the substitute good. (It's probably not surprising that an increase in the price of Coke would increase the demand for Pepsi as some consumers switch over from Coke to Pepsi.) It's also the case that a decrease in the price of one of the goods will decrease demand for the substitute good.


A monopolist can control the price or the quantity sold but cannot control both?

Because, by doing one you're giving up the other, for example, if you reduce the price you will sell more as a consequence, but if you increase the price, the quantity sold will decrease. They both impact each other.

Related questions

What do you think has a greater effect on the consumer price index a 10 percent increase in chicken or a 10 percent increase in caviar?

Chicken. Most people do not buy caviar. So the total amount spent on chicken is much greater than the total spent on caviar (even though caviar is more expensive). Therefore, in terms of the basket of consumer shopping, chicken is much more important had has more weight in the price index. This means an increase in the price of chicken will have a much greater impact on the index as the same percentage increase on caviar.


The increase of the price?

becuse of the gravity of the earth that is impact or exerts to the moon..


Which is true If the demands for a product is inelastic?

a price increase does not have a significant impact on buying habits


Will an increase in inflation have a larger impact on the price of a bond or preferred stock?

The preferred stock


What do you think has AA greater effect on the consumer price index a 10 percent increase in the price of chicken or a 10 percent of caviar.why?

Inflation


What is the price of stuff in 1876?

pickles and hamburgers said George Washington


Hamburger price at mcdonalds?

its $2.45 for a cheeseburger. the hamburgers are $1.95 i think.


What is the Significance of cross elasticity in business decision making?

The degree of change in the demand for one product as a response to a change in the price of a different product. For example, an increase in the price of petroleum is likely to have a negative impact on the demand for gas-guzzling vehicles and a positive impact on the demand for fuel-efficient vehicles. The cross elasticity for substitutes is generally positive, in that a price increase for one product will result in an increase in demand for a substitute.


How will the limited supply most likely impact sales of the video game?

It will increase the price of the video game. study island


A popular new toy is released in limited supply How will the limited supply most likely impact sales of the toy?

It will increase the price of the toy.


What is the verb in Avocados increase in price after a drought?

Avocados will increase in price after a drought.


Hot dogs and hamburgers price?

Depends where you buy them. Both can range from 1.98 to over $10