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State in words and show with a graph the effect of the following events on equilibrium price and quantity of the market given.

a. Netflix increases it’s price by 15%. Market: Redbox DVDs.

b. The price of cheese increases by 20% Market: Pizza.

c. Income in the US increase by 10%. Market: Easy Mac (an inferior good)

4. Match the following words with their definitions:

a. Luxury                  ____1. Cross price elasticity of demand is negative.

b. Complement         ____2. Income elasticity of demand is negative.

c. Necessity              ____3. Income elasticity greater than one.

d. Substitute              ____4. Income elasticity less than one.

e. Inferior good         ____5. Income elasticity of demand is positive.

f. Normal good         ____6. Cross-price elasticity of demand is positive.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M91870201

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