y axis on graph reads: Price of hamburger (25)
x axis on graph reads: Quantity of hamburger (23)
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The graph above shows the market for hamburger, which is in equilibrium. Hamburger is a normal good, and people alike to eat cheese with hamburger. Beef is an input to hamburger production.
Suppose that there is an increase in taxes.
1.) Using the line drawing tool, show the effect on the market. Properly label your new curve.
2.) Using the point drawing tool,show the new equilibrium price and quantity. Label your point ‘E’. ATTACHMENT PREVIEW
