Purchase Solution

Equilibrium price and quantity change

Not what you're looking for?

Ask Custom Question

(a)Suppose a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.

(b)How will the equilibrium price and quantity change for each good?

Purchase this Solution

Solution Summary

Response describes equilibrium price and quantity change

Solution Preview

As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy."
Factors affecting demand are:

? price of ...

Purchase this Solution


Free BrainMass Quizzes
Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.