Question
Consider the market for pens, which are a normal good. What happens to equilibrium price and quantity of these markers when: (Each part 6 pts)
Consider the market for pens, which are a normal good. What happens to
equilibrium price and quantity of these markers when: (Each part 6 pts) (In all cases
show the standard supply & demand graph to justify your answer.)
a. Income decreases
b. The price of ink increases
c. The price of pencils decreases
d. Both b and c happen at the same time
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Microeconomics Theory And Applications With Calculus
Authors: Jeffrey M. Perloff
4th Edition
134167384, 134167381, 978-0134167381
