1. In 2001, Bob’s Burgers charged $1.50 for a quarter-pound hamburger with all the fixin’s, and
sold 7,500 of them. In 2002, although Bob raised the price to $1.75, sales of quarter-pound
burgers rose to 8,200. Explain why this does not represent a violation of the law of demand.
2. A change in the price of carrots will cause a movement along the demand curve for substitute