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...

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