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Cost-reducing technological process

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For each event below, explain if demand or supply would shift and in what direction. What would the effect be on equilibrium price and quantity?

a. The price of a substitute good (in consumption) decreases.

b. Consumers' income increases and the good is inferior.

Government regulators decide to outlaw a cost-reducing technological process in

c. order to protect the environment.

d. The price of a complement good (in production) increases.

e. The price of inputs used to produce the good decrease.

f. Consumers expect that the price of the good will fall in the near future.

g. It is widely publicized that consumption of the good is helpful in preventing cancer.

h. The price of a substitute good (in production) decreases.

Reference no: EM132170649

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