1- Ketchup is a complement for hot dogs. A. EXPLAIN the effect of an increase in the price of hot dogs on demand and/or supply of ketchup, and subsequent effect on equilibrium price and quantity.
B. EXPLAIN the effect of changes in market for ketchup on demand and/or supply of tomatoes, and subsequent effect on equilibrium price and quantity.
C. EXPLAIN the effect of changes market for tomatoes on demand and/or supply of tomato juice, and subsequent effect on equilibrium price and quantity.
D. Draw demand and supply for each market on a separate graph showing initial equilibrium price and quantity. Then show the shift in the Demand or Supply curves and show the effect on equilibrium price and quantity.