Tell the effect of the following on equilibrium price and quantity. Increase in income, where the good is an normal good. Increase in labor wages Given the following information, calculate the consumer surplus for Individuals A-F. PERSON Decrease in business taxes. MAXIMUM ACTUAL PRICE PAY WILLINGNESS TO (EQUILIBRIUM) CONSUMER SURPLUS Increase in the price of a complementary good. $12 Decrease in the number of consumers. Which variable is indeterminate? 16 increase in business taxes and an increase in the price of a complementary good. 13 Increase in the wages of auto workers and an increase in the incomes of auto Which person is the marginal consumer? customers (Assume cars are a normal good.) What effect will a price increase have on consumer Decrease in business subsidies and an increase in income (Assume good is inferior.) 5. Given the following information, calculate the producer surplus for Producers A-F. PRODUCERS MINIMUM ACTUAL PRICE PRODUCER Decrease in the number of consumers and an improvement in technology . ACCEPTABLE EQUILIBRIUM) SURPLUS PRICE Increase in the number of firms producing the good and a decrease in the price of a substitute good. MacBook Air 4) F11