How will demand for good x change if consumer incomes rise

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Reference no: EM1370960

Q. X-Corporation produces a good (Called X) that is a normal good. Its competitor, Y-Corp makes a substitute good that it markets under name "Y." Good Y is an inferior good.

a. How will demand for good X change if consumer incomes increase?

b. How will demand for good Y change if consumer incomes increase?

c. How will demand for good X change if price of good Y decreases?

d. Is good Y a lower-quality product than good X? Explain.

Reference no: EM1370960

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