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(a)The market demand product is X and X is: Qd = f(Px, Py, M), where Qd is the quantity of product X demanded, Px is
(a)The market demand product is X and X is: Qd = f(Px, Py, M), where Qd is the quantity of product X demanded, Px is the unit price of product X, Py is the unit price of a related product Y, and M is income of consumers of product X. Other things equal, what is the impact when:
i.an increase in consumers' income (M) on the market demand of product X.
a decrease in price of X (Px) on the market demand of product X
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