Chapter 3: Demand and Supply

1) List the factors change demand and shift the demand curve. With a help of a figure show change in demand Vs shift in Demand. You can draw the figure on paper and insert it below. (10 pts)

2) What is the difference between a normal good and an inferior good? Give an example of each. (5 pts)

3) What is the effect on the price and quantity of a product if both the demand and supply simultaneously increase? What is the effect on the price and quantity of a product if the demand decreases and the supply simultaneously increases? (10 pts)