question 10 (1 point)\nwhen the price of hot dogs decreases, what happens in the market for the…

question 10 (1 point)\nwhen the price of hot dogs decreases, what happens in the market for the complementary good of hot dog buns?\n a demand increases, increasing price and quantity\n b supply increases, increasing price and quantity\n c demand decreases, decreasing price and quantity\n d supply decreases, decreasing price and quantity\n\nquestion 11 (1 point)\nthere are many buyers and sellers in the market for trumpets.\n1. if trumpets are normal goods, explain what will happen to price and quantity of trumpets when income in the economy increases.\n2. now assume that there are many new trumpet producers in the market. explain what will happen to the price and quantity of trumpets in the market.\n3. if there are few substitutes for trumpets, would the elasticity of demand for trumpets be relatively elastic or relatively inelastic?

question 10 (1 point)\nwhen the price of hot dogs decreases, what happens in the market for the complementary good of hot dog buns?\n a demand increases, increasing price and quantity\n b supply increases, increasing price and quantity\n c demand decreases, decreasing price and quantity\n d supply decreases, decreasing price and quantity\n\nquestion 11 (1 point)\nthere are many buyers and sellers in the market for trumpets.\n1. if trumpets are normal goods, explain what will happen to price and quantity of trumpets when income in the economy increases.\n2. now assume that there are many new trumpet producers in the market. explain what will happen to the price and quantity of trumpets in the market.\n3. if there are few substitutes for trumpets, would the elasticity of demand for trumpets be relatively elastic or relatively inelastic?

Answer

Brief Explanations:

Question 10: Complementary goods have joint demand. A lower hot dog price increases hot dog demand, raising demand for hot dog buns, increasing price and quantity. Question 11: 1. Normal goods' demand rises with income, increasing price and quantity. 2. More producers increase supply, lowering price and raising quantity. 3. Few substitutes reduce demand responsiveness, making it inelastic.

Answer:

Question 10: a. demand increases, increasing price and quantity Question 11: 1. Price and quantity of trumpets will increase. 2. Price will decrease and quantity will increase. 3. Relatively inelastic.