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Answer the questions below in English. In case you consulted other resources than your textbook, don't forget to identify your source (title, author, year, editor, volume, journal, web page, date). Remember copy and paste from other sources is not allowed without the permission of the author. Observe the time period for this problem.

1. What is a demand function? Which variables determine demand?

2. What happens to demand when the following changes occur?

a. Price of the good declines.

b. The price of a substitute good decreases

c. Income decreases and the good is inferior

Macroeconomics, Economics

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