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The World Microeconomics - Assignment Example

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The paper under the title 'The World Microeconomics' presents taco which is a substitute to hamburgers, therefore, the basic economic dynamics show us that when the price of the substitute increases, the demand of the good increases and it is depicted by a rightward shift in the demand curve…
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The World Microeconomics

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As income falls in town and if we assume that hamburger is a normal good; than income and quantity demanded are positively related. A fall in income will shift the demand curve to the left which shows a decrease in demand. The equilibrium price and quantity will decrease as a result of the fall in incomes. This is illustrated from the graph provided below.
Figure 3: Fall of incomes in town assuming that hamburger is a normal good Read More
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