2) Define complementary good. Provide an example. Explain the impact of prices of a complementary good decreasing in 2+ sentences. Explain the impact of prices of a complementary good increasing in 2+ sentences. 3) Define substitute good. Provide an example. Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact of prices of a substitute good increasing in 2+ sentences. 4) Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact of consumer income increasing in 2+ sentences. 5) Explain the impact of consumers expecting the price of a good increasing in 2+ sentences. Provide an example. Explain the impact of consumers expecting the price of a good decreasing in 2+ sentences. Provide an example. 6) Explain the impact of consumers' taste in a product increasing in 2+ sentences. Explain the impact of decreasing in 2+ sentences. 7) Explain the impact of the number of consumers in a market increasing in 2+ sentences. Explain the impact of the number of consumers in a market decreasing in 2+ sentences. 8) Among all of the factors listed above, which one is the most important? Explain why in 3+ sentences.

2) Define complementary good. Provide an example. Explain the impact of prices of a complementary good decreasing in 2+ sentences. Explain the impact of prices of a complementary good increasing in 2+ sentences. 3) Define substitute good. Provide an example. Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact of prices of a substitute good increasing in 2+ sentences. 4) Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact of consumer income increasing in 2+ sentences. 5) Explain the impact of consumers expecting the price of a good increasing in 2+ sentences. Provide an example. Explain the impact of consumers expecting the price of a good decreasing in 2+ sentences. Provide an example. 6) Explain the impact of consumers' taste in a product increasing in 2+ sentences. Explain the impact of decreasing in 2+ sentences. 7) Explain the impact of the number of consumers in a market increasing in 2+ sentences. Explain the impact of the number of consumers in a market decreasing in 2+ sentences. 8) Among all of the factors listed above, which one is the most important? Explain why in 3+ sentences.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...

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