2. Consider the market for hamburger buns. Use the four-step process to assess the likely impacts to the equilibrium price and equilibrium quantity in this market if the cost of ground beef were to permanently increase significantly.

A. Step 1: Draw the market in equilibrium prior to any changes.

B. Step 2: Does this impact the supply or demand of hamburger buns? Explain.

C. Step 3: Will this increase or decrease Supply/Demand for hamburger buns? Illustrate any supply or demand curve shifts.

D. Discuss your prediction for both the equilibrium price and quantity of hamburger buns because of this increase in the price of ground beef.