Define equilibrium price and equilibrium quantity

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Reference no: EM133896350

Assignment:

A. Define equilibrium price and equilibrium quantity.

B. What would happen to the equilibrium price and equilibrium quantity in the following cases? Please provide the reasoning for your answer.

a decrease in income for a normal good and a decrease in the price of an input
a technological advance and a decrease in the number of buyers
a decrease in the price of a substitute and an increase in the number of suppliers
producers' expectations that prices will soon decrease and a decrease in consumer tastes for the good

Reference no: EM133896350

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