Assume that turkey meatball and beef meatball are substitutes. Also note that turkey and turkey meatball are
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Assume that turkey meatball and beef meatball are substitutes. Also note that turkey and turkey meatball are two different objects; turkey is a material to make turkey meatball. The same caution applies to beef and beef meatball.
(1) We observe that the equilibrium quantity of turkey meatball rises. Explain whether or not a rise in the price of turkey is responsible for this observation.
(2) We also observe that the equilibrium quantity of beef meatball rises. Explain whether or not a rise in the price of turkey is responsible for this observation.
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