Instructions Type in the Assignment the answers with explanations the answers to the following 1. Consider the demand curve for Sedans in the United States. For simplicity, assume that all sedans are identical and sell for the same price. Also, assume that: The current market price of Sedans is $30,000 Average Household income is $60,000 per year Price of a gallon of gas is $5 per gallon Price of a subway ride is $2.50 Suppose the price of a sedan decreased from $30,000 to $25,000. This would cause a the demand curve. If an increase in average income causes a rightward shift of the demand curve, then you may conclude that sedans are a good. Suppose that the price of a gallon of gas rises from $5 to $6. Because sedans and gasoline are an increase in the price of a gallon of gas shifts the demand curve for sedans to the

Instructions Type in the Assignment the answers with explanations the answers to the following 1. Consider the demand curve for Sedans in the United States. For simplicity, assume that all sedans are identical and sell for the same price. Also, assume that: The current market price of Sedans is $30,000 Average Household income is $60,000 per year Price of a gallon of gas is $5 per gallon Price of a subway ride is $2.50 Suppose the price of a sedan decreased from $30,000 to $25,000. This would cause a the demand curve. If an increase in average income causes a rightward shift of the demand curve, then you may conclude that sedans are a good. Suppose that the price of a gallon of gas rises from $5 to $6. Because sedans and gasoline are an increase in the price of a gallon of gas shifts the demand curve for sedans to the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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10. What happens to the demand curve for an inferior good if a consumer's income increases? Show me using a diagram, please.
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Easy economics question, I will rate every time thank you.