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Answer 1:
(a) If X is an inferior good, an increase in consumer income will decrease demand for X, thereby shifting the demand curve left. Thus, the equilibrium price and quantity demanded for X will decrease.

(b) Development of new technology used in production of X would lower cost of making X, thereby increasing the supply of X and shifting the supply curve right. This will increase the equilibrium quantity but reduce the equilibrium price.

(c) A rise in price of complementary good Y will cause the demand for X to decrease, thereby causing the demand curve to shift left. This will cause the equilibrium price and quantity to decrease.

(d) An increase in demand for an input for X, would lead to reduced production of X and would ...

Solution Summary

The solution answers a lot of questions related to economics. The solution explains the concepts of inferior goods, price elasticity, substitutes and supply and demand. Overall, an excellent response.

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Ex

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