(Answered) Increase in consumers income

Management Studies

Question 1: Suppose an increase in consumers' income causes a decrease in the demand for apples and an increase in the demand or bananas. Which good is inferior and which is normal? How will the equilibrium price and quantity change for each good?

Question 2: Would a change in the price of milk likely cause a change in the demand for yogurt, a complement? Explain why.

Question 3: If the demand and supply curve for dish washers are:

D= 200 - 4P, S= 32 +12P

Where P is the price of dish washers, what is the quantity of dish washers bought and sold at equilibrium?

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Business Management, Management Studies

Category:- Business Management
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