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The following is the balance of the demand and supply curves for a normal good; S E PE QE Q Based on the picture above:

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The following is the balance of the demand and supply curves for a normal good; S E PE QE Q Based on the picture above: 1) Explain your understanding of the demand curve and supply curve, the main characteristics of each curve, and why! 2) If the consumer's income increases, ceteris paribus, describe the change in the consumer's new equilibrium point, and explain your conclusion

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