Answer question 4 please 2) Define complementary good. Provide an example.Explain the impact of prices of a complementarygood decreasing in 2+ sentences. Explain the impactof prices of a complementary good increasing in 2+sentences.3) Define substitute good. Provide an example. Explainthe impact of prices of a substitute good decreasing in2+ sentences. Explain the impact of prices of asubstitute good increasing in 2+ sentences.4) Explain the impact of prices of a substitute gooddecreasing in 2+ sentences. Explain the impact ofconsumer income increasing in 2+ sentences.5) Explain the impact of consumers expecting the priceof a good increasing in 2+ sentences. Provide anexample. Explain the impact of consumers expectingthe price of a good decreasing in 2+ sentences.Provide an example.6) Explain the impact of consumers' taste in a productincreasing in 2+ sentences. Explain the impact ofdecreasing in 2+ sentences.7) Explain the impact of the number of consumers in amarket increasing in 2+ sentences. Explain theimpact of the number of consumers in a marketdecreasing in 2+ sentences.8) Among all of the factors listed above, which one isthe most important? Explain why in 3+ sentences.

Substitute goods: Two goods are called to be substitutes of each other they can be used for the same…

Answered: 4) Explain the impact of prices of a…

4) Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact of consumer income increasing in 2+ sentences.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer question 4 please

2) Define complementary good. Provide an example.
Explain the impact of prices of a complementary
good decreasing in 2+ sentences. Explain the impact
of prices of a complementary good increasing in 2+
sentences.
3) Define substitute good. Provide an example. Explain
the impact of prices of a substitute good decreasing in
2+ sentences. Explain the impact of prices of a
substitute good increasing in 2+ sentences.
4) Explain the impact of prices of a substitute good
decreasing in 2+ sentences. Explain the impact of
consumer income increasing in 2+ sentences.
5) Explain the impact of consumers expecting the price
of a good increasing in 2+ sentences. Provide an
example. Explain the impact of consumers expecting
the price of a good decreasing in 2+ sentences.
Provide an example.
6) Explain the impact of consumers' taste in a product
increasing in 2+ sentences. Explain the impact of
decreasing in 2+ sentences.
7) Explain the impact of the number of consumers in a
market increasing in 2+ sentences. Explain the
impact of the number of consumers in a market
decreasing in 2+ sentences.
8) Among all of the factors listed above, which one is
the most important? Explain why in 3+ sentences.

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