The Diagram Below Represents the Consumer Side of the Market

question 8

Essay

The diagram below represents the consumer side of the market for skateboards in New York.The current price of skateboards is P_A.Each of the events described below will have some impact on the demand for skateboards.For each event,draw a picture to illustrate the effect of the event.Be sure to explain your pictures using pertinent economic terminology ("movement along" or "shift in").
(a)A drop in the price of skateboards.
(b)A drop in the price of kneepads.
(c)A decline in income.

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