4. Briefly explain how each of the following affects the demand for goods and services in a market place and highlight the effects on price and the equilibrium position. 4.1. Price of the product or service 4.2. Price of related goods; 4.3. Income of consumers; 4.4. Number of consumers;

4. Briefly explain how each of the following affects the demand for goods and services in a market place and highlight the effects on price and the equilibrium position. 4.1. Price of the product or service 4.2. Price of related goods; 4.3. Income of consumers; 4.4. Number of consumers;

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. Briefly explain how each of the following affects the demand for goods and services in a market place and
highlight the effects on price and the equilibrium position.
4.1. Price of the product or service
4.2. Price of related goods;
4.3. Income of consumers;
4.4. Number of consumers;

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