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Question 8:
Using supply and demand analysis, explain and illustrate graphically the effect of the following situations.
(a) Population growth surges rapidly;
(b) The prices of resources used in the production of good X increases;
(c) The government is paying a $1 per unit subsidy for each unit of good Y produced.;
(d) The income of consumers of normal good X increases;
(e) The income of consumers of inferior good Y decreases;

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91175336

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