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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
Sales Budget
A financial plan that forecasts the sales revenue, including the volume of sales and the unit prices, for a specific period.
Rolling Budgets
Budgets that are continuously updated by adding a new budget period as the current period is completed, extending the budget into the future.
Retained Earnings
The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders.
Dividends
Payments made by a corporation to its shareholders, often as a distribution of profits.
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