In Each of the Following Situations,list What Will Happen to the Equilibrium

question 106

Essay

In each of the following situations,list what will happen to the equilibrium price and the equilibrium quantity for a particular product,which is an inferior good.
a.The population decreases and productivity increases
b.The income increases and the price of inputs increase
c.The number of firms in the market decreases and income decreases
d.Consumer preference decreases and the price of a complement increases
e.The price of a substitute in consumption increases and the price of a substitute in production increases

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Definitions:

Individual Satisfaction

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Emotional Empathy

The capability to share and understand another person's feelings and emotions, essentially putting oneself in another's shoes emotionally.

Job Satisfaction

The degree to which an individual feels positively about their job, including aspects of their role, environment, and rewards.

Emotions

Strong positive or negative feelings directed toward someone or something.