A recent study found a change in consumer taste and preference as it relates to breakfast choices. In the study, it found people are switching from cereal to yogurt. Draw the supply and demand graphs as it relates to cereal. Show changes in price and quantity demand (increase, decrease, or indeterminate) as it relates to cereal.
Instructions:
Graph the change in the supply and demand curves. Show changes in price and quantity demand (increase, decrease, or indeterminate). Assume similar elasticities-slope steepness of supply and demand curves.