Examlex
Using a supply and demand graph,show what happens to the equilibrium price and quantity for the following goods if,holding all else constant,income increases.
a.a normal good
b.an inferior good
US$1,500 Item
An item priced at or having a value of one thousand five hundred United States dollars.
¥ Per A$
The exchange rate showing how much Japanese yen (¥) one Australian dollar (A$) can buy.
Exchange Rate
An exchange rate determines how much one currency is worth in terms of another, playing a critical role in international trade and investment.
¥1.00
The monetary value of one Japanese yen, the official currency of Japan.
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