Identify impact of event to equilibrium price and quantity

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Reference no: EM13797828

The following events occur in the market for good B, which is a normal good:

a) Good B becomes more fashionable and popular.

b) The price of good C, a substitute for good B, goes down.

c) Consumers anticipate declining prices.

d) There is a surge in the population that uses good B.

e) Income falls for a large subset of consumers who buy good B.

Identify the impact of the event to the equilibrium price and quantity of each event.

PLEASE DRAW a supporting diagram

Reference no: EM13797828

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