Explain the Effect of the Following Changes on Equilibrium Price

question 132

Essay

Explain the effect of the following changes on equilibrium price and quantity of a commodity:
(a) increase in average incomes.
(b) increase in population.

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Definitions:

Co-branding

A marketing partnership between two or more brands where their products or services are combined or promoted together.

Brand Awareness

The extent to which consumers are familiar with the distinctive qualities or image of a particular brand of goods or services.

Product History

A detailed record or narrative of the development, changes, and ownership of a particular product over time.

Perceived Value

The worth or significance a customer attributes to a product or service, based on how it meets their needs and expectations.