Explain how simultaneous shifts in demand and supply curves could explain these situations: The price of insulin injection kits, used by diabetic patients, increases from $45 to $52, but the equilibrium quantity remains the same. A pest attack on the tomato crop increases the cost of producing ketchup. A mild winter causes cattle herds to be unusually large, causing the price of hamburgers to fall. The equilibrium quantity of ketchup is unchanged.

Explain how simultaneous shifts in demand and supply curves could explain these situations: The price of insulin injection kits, used by diabetic patients, increases from $45 to $52, but the...

Explain how simultaneous shifts in demand and supply curves could explain these situations:

The price of insulin injection kits, used by diabetic patients, increases from $45 to $52, but the equilibrium quantity remains the same.

A pest attack on the tomato crop increases the cost of producing ketchup. A mild winter causes cattle herds to be unusually large, causing the price of hamburgers to fall. The equilibrium quantity of ketchup is unchanged.

Jun 10, 2022