What Happens When the Price of a Substitute Good Decreases?

Welcome back to Tierney #Education, where we delve into practical economic scenarios to help you understand market dynamics. Today’s video tackles a fascinating #question: What happens in the bagel #market when the price of muffins, a substitute good, decreases?

📊 What's This Video About? Join us as we graphically explore the supply and demand curves for bagels and illustrate the market’s response to a price change in muffins. This video will guide you through drawing and understanding the curves, clearly identifying all the equilibrium points, prices, and quantities before and after the adjustment in the muffin market.

🔍 What Will You Learn?

▶️ Supply and Demand Curves: Learn how to accurately draw and label the supply and demand curves for bagels.
▶️ Impact of Price Change in Substitutes: Discover the effect of a decrease in muffin prices on the bagel market, including shifts in demand.
▶️ Equilibrium Analysis: Understand how to identify and label new equilibrium points, illustrating how consumer and market behaviors adapt to price changes in substitute goods.

This video is perfect for #economics students, marketers, or anyone interested in the interplay between market forces and consumer choices.

🎓 About Me: At Tierney Education, we strive to make learning economics straightforward and relevant. Whether you’re a student grappling with basic concepts or a professional brushing up on market theory, our videos provide clear, concise, and actionable insights.

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