Please answer these 2 questions for me. Thanks There are many buyers and sellers in the market for trumpets. 1. If trumpets are normal goods, explain what will happen to price and quantity of trumpets when income in the economy increases. 2. Now assume that there are many new trumpet producers in the market. Explain what will happen to the price and quantity of trumpets and in the market.

Please answer these 2 questions for me. Thanks There are many buyers and sellers in the market for trumpets. 1. If trumpets are normal goods, explain what will happen to price and quantity of trumpets when income in the economy increases. 2. Now assume that there are many new trumpet producers in the market. Explain what will happen to the price and quantity of trumpets and in the market.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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