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Determine the effect upon equilibrium price

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Reference no: EM131237918

Determine the effect upon equilibrium price and quantity sold if the following changes occur in a particular market:

a. Consumers' income increases and the good is normal.

b. The price of a substitute good (in consumption) increases.

c. The price of a substitute good (in production) increases.

d. The price of a complement good (in consumption) increases.

e. The price of inputs used to produce the good increases.

f. Consumers expect that the price of the good will increase in the near future.

g. It is widely publicized that consumption of the good is hazardous to health.

h. Cost-reducing technological change takes place in the industry.

Reference no: EM131237918

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