In each case, determine what happens to price and quantity in the market for X . Draw separate diagram for each scenario. (You must properly label ALL initial & subsequent: axes, curves, prices, quantities, movements along curve(s) and equilibriums.)
In each case, determine what happens to price and quantity in the market for X
. Draw separate diagram for each scenario. (You must properly label ALL initial & subsequent: axes, curves, prices, quantities, movements along curve(s) and equilibriums.)
a) X and Y are complements, and the price of good Y increases.
b) X and Y are a typically used in place of one another, and there is a shift in tastes away from another good Z and toward Y.
c) X is an inferior good, and incomes in the community increases.
d) There is a technological advance in the production of good X.
e) Y is an input used to produce good X, and dire international political events disrupt availability of Y.
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