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- If rising incomes cause the demand for beer todecrease, is beer a normal or inferior good?What would cause an increase in quantity supplied?When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?
- How does the number of sellers in the market increase?Do you use water for things that are beyond what is nec- essary to sustain life? What if the price of water in your home tripled? How would you respond? Are there activi- ties that you would change or stop doing? Briefly explain. Does your demand for water obey the law of demand?How would I find the solution set, equilibrium price and equilibrium quantity for the problem?