7) The demand curve for Widgets is given by Qp 6000 2y 200p + 30pG, where Op is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in per capita income will cause A) demand shifts left. B) demand shifts right. C) demand increases. D) movement along the demand curve. ight 2019 D

7) The demand curve for Widgets is given by Qp 6000 2y 200p + 30pG, where Op is the quantity of widgets demanded, y is the per capita income and pG is the price of Gizmos. An increase in per capita income will cause A) demand shifts left. B) demand shifts right. C) demand increases. D) movement along the demand curve. ight 2019 D

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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