Question
explain why the following statement are false explain your answers using calculation or appropriate diagrams wherever necessary . each question is for 2 marks only
explain why the following statement are false explain your answers using calculation or appropriate diagrams wherever necessary. each question is for 2 marks only
a) a normal good is a good for which the demand increases as income decreases holding everything else constant.
b) if the price of peaches, a substitute for plums, decreases, the demand for plums will increase.
c) the quantity demanded of women's shoes in Big W increases by 10% when household income declined by 20% .big W shoes are considered as normal goods.
d) an increase in wages will cause the supply curve for a product to shift to the right
PLEASE USE APPROPRIATE DIAGRAMS AND FORMULAS AS WELL I NEED A STEP BY STEP SOLUTION
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started