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micro economics Figure 1 Total product Output Output B Average product Marginal product C LI L2 Ls Units of labor. LThe Table below gives two

micro economics

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Figure 1 Total product Output Output B Average product Marginal product C LI L2 Ls Units of labor. LThe Table below gives two Demand schedules, 001 and QDZ, of an individual for a commodity Tea. The demand schedule QD2 resulted from an increase in the individuals' money income (while everything else remained constant). A. What would happen to quantity of Tea, if the price fell from $5 to $3 before the individual's income rose? Is it change in demand or change in quantity demanded? B. At the unchanged price of $5 for commodity Tea, what happens to the quantity of Tea, when the individual's income rises? Is it change in demand or change in quantity demanded? G. How many more or less units of commodity Tea the individual will purchase if at the same time individuals money income rises, the price of T falls C. How many more or less units of commodity Tea the individual will purchase if at the same time individuals money income rises, the price of T falls from $5 to $3 PI (S) 5 Qs1 42 40 36 30 20 Q52 22 20 16 10

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