Demand for small automobiles
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3. What effect will each of the following have on the demand for small automobiles such as the Mini Cooper and Smart car?
a. Small automobiles become more fashionable.
b. The price of large automobiles rises (with the price of small autos remaining the same).
c. Income declines and small autos are an inferior good.
d. Consumers anticipate the price of small autos will greatly down in the near future.
e. The price of gasoline substantially drops.
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Solution Summary
The response provides impact on demand for small automobiles
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1. What effect will each of the following have on the demand for product B?
As per csun.edu, "Demand is the relationship between the price of a good and the quantity of the good that consumers are willing and able to buy."
Factors affecting demand are:
? price of the good
? income and wealth
? prices of substitutes and complements
? population
? preferences ...
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