5. Illustrate in appropriate diagram (change in demand or change in supply) the impact on the good or service of the following events: ( A. Nominal income of consumers rise and potatoes are considered inferior goods B. Buyers of gold expect that the price of gold will decrease in the near future Producers of gold expect that the price of gold will rise in the near future C. D. Longer and more occurrences of strong typhoons affected the country's major agriculture crops E. Population increases affecting the market for automobiles

5. Illustrate in appropriate diagram (change in demand or change in supply) the impact on the good or service of the following events: ( A. Nominal income of consumers rise and potatoes are considered inferior goods B. Buyers of gold expect that the price of gold will decrease in the near future Producers of gold expect that the price of gold will rise in the near future C. D. Longer and more occurrences of strong typhoons affected the country's major agriculture crops E. Population increases affecting the market for automobiles

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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