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    Equilibrium price and quantity change

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    (a)Suppose a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.

    (b)How will the equilibrium price and quantity change for each good?

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    Solution Preview

    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 ...

    Solution Summary

    Response describes equilibrium price and quantity change