I have to create a graph for each one and getting them confused.

timer Asked: Nov 8th, 2015

Question description

a)  Suppose that goods A and B are close substitutes. If the price of good A falls, graph a market analysis to show what will happen to good B. Increase in the quantity demanded of good B and a decrease in the demand for good A.

b)  Given demand,  show what will occur when you have a decrease in buyers' incomes and the product is an inferior good

c)  Given the demand for product A graph a market analysis to show what will occur with a decrease in the price of complementary product B? 

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