MICROECONOMICS
MICROECONOMICS
11th Edition
ISBN: 9781266686764
Author: Colander
Publisher: MCG
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Chapter 6.1, Problem 5Q
To determine

Identify the factors determining the number of substitutes that a good has.

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Suppose when a person’s income increases, his or her demand for mac and cheese decreases. What is the relationship between mac and cheese and income? Mac and cheese are Substitutes Mac and cheese are a Normal good Mac and cheese are an Inferior good Mac and cheese are unaffected by changes in income
When there is a change in the price of a related good, demand increases or decreases depending on the relationship between the two goods. Two economic terms describe these two relationships-substitutes and complements. An increase in the price of Good A increases demand for Good B when the two goods are substitutes. An increase in the price of Good A decreases demand for Good B when the two goods are complements.The graph shows the shift in the demand for good B when the price of good A increases depending on whether the two goods are substitutes or complements. Pick from the bold choices below. pls look at the graph.  In Mexico, NAFTA had the result of lowering the price of used cars. Consider the effect of the price of used cars on the demand for new cars in Mexico. When the price of used cars in Mexico fell the Mexican demand for new cars (Increase or decrease). This would cause the new car demand curve in Mexico to (Shift right or shift left). The price of new cars in Mexico would…
Does a change in consumers’ tastes lead to a movement along the demand curve or a shift in the demand curve? Does a change in price lead to a movement along the demand curve or a shift in the demand curve? Why?
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