Draw a Demand Curve and Label It D₁

question 45

Essay

Draw a demand curve and label it D₁.On the graph, illustrate an increase in demand and a decrease in demand, and label the curves D₂ and D₃, respectively.Starting on demand curve D₁, explain the shift that would result from each of the following events:
a.an increase in income and the good is a normal good
b.an increase in income and the good is an inferior good
c.a decrease in the price of a substitute good
d.a decrease in the price of a complementary good
e.an increase in the taste for the good
f.a decrease in population
g.an increase in the expected future price of the good

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Definitions:

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or standard.

Older Technology

Previously widespread technology that has been surpassed by newer innovations, yet may still be in use or relevant in certain contexts.

Productivity

The measure of how efficiently and effectively resources are used to produce goods and services.

Synthetic Systems

Manufacturing system that combines inputs to create a finished product or change it into a different product.