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:

Networking Potential

The capacity or ability of an individual or organization to develop and utilize relationships for professional or business advantage.

Core Business Potential

The inherent capabilities or opportunities within a company's primary business areas that can be optimized for growth and profitability.

Learning Potential

The capability of individuals or organizations to acquire, apply, and adapt knowledge and skills in various contexts for improvement.

Cross-Selling Potential

The ability to sell additional products or services to existing customers by understanding their needs and preferences.