Draw supply and demand diagrams from two different markets

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Draw supply and demand diagrams from two different markets, and label the markets A and B. Then use your diagrams to illustrate the impact of the following events. In each case, determine what happens to price and quantity in each market.

a. A and B are substitutes, and producers expect the price of good A to rise in the future.

b. A and B satisfy the same kinds of desires, and there is a shift in tastes away from A and toward B.

c. A is a normal good, while B is an inferior good. Incomes in the community increase.

d. A and B are complementary goods. There is a technological advance in the production of good B.

Reference no: EM131098414

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