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How do changes in income affect the demand for a good

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Reference no: EM132493819

Assignment: Answer all of the questions below in 2-3 paragraphs each. Your final submission should be a minimum of two (2) double spaced typed pages.

Unless otherwise stated, you should answer in complete sentences, and be sure to use correct English, spelling, and grammar. Sources must be cited in APA format.

Your response should be a minimum of two (2) double-spaced pages; refer to the Length and Formatting instructions for additional details.

1. What is the difference between a "change in demand" and a change in "quantity demanded."

2. What is the difference between a "change in supply" and a change in "quantity supplied."

3. Holding demand constant, what is the only thing that can cause a change in quantity demanded? What are the things that cause a change in demand?

4. How do changes in income affect the demand for a good?

5. How do substitute and complementary goods affect the demand for a good?

Reference no: EM132493819

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