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Draw a demand curve and label it D1. On the graph, illustrate an increase in demand and a decrease i

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Draw a demand curve and label it D1. On the graph, illustrate an increase in demand and a decrease i

Draw a demand curve and label it D1. On the graph, illustrate an increase in demand and a decrease in demand, and label the curves D2 and D3, respectively. Starting on demand curve D1, explain the shift that would result from each of the following events:

a. a decrease in income and the good is a normal good
b. a decrease in income and the good is an inferior good
c. an increase in the price of a substitute good
d. an increase in the price of a complementary good
e. a decrease in the taste for the good
f. an increase in population
g. a decrease in the expected future price of the good

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

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