Can you get me a can of tomato juice.
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Question by Shannon: ketchup is a complement for hotdogs. If the price of hotdogs rises, what happens to the market for ketchup?
for tomatoes? for tomato juice? for orange juice?
Best answer:
Answer by Storm B
Its not just a complement,its also a CONDIMENT
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It will try to Catch Up.
We call “ketchup” tomato sauce in the UK and I only put tomato sauce on fish and chips or pie and chips. I never eat hotdogs, can’t stand them.
Utterly oversimplified, but;
Price of hot dogs rises – Fewer sold and eaten.
Fewer hot dogs eaten means fewer bottles of ketchup sold so demand drops while supplies stay constant – Market for ketchup gows down and price of ketchup drops.
As ketchup supply adjusts to new demand, fewer tomatoes are used for ketchup production. Supply of tomatoes on the market grows, and prices drop. Tomato juice processors pay less for tomatoes, so price of tomato juice drops.
Since tomato juice is now cheaper, more people will switch to it to save, buying less orange juice. Orange juice market will drop and supply of orange juice will outstrip demand.