Using the supply and demand curve for wheat above, sketch the supply and demand curves demonstrating the effect of an increase in disposable consumer incomes

How does each curve shift (if at all) to the increase in income? What does the shift do to equilibrium price and quantity?

An increase in I will increase the demand for wheat (shift to the right). This increases equilibrium price and increases equilibrium quantity.

Economics

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A) using a contractionary monetary policy. B) an increase in taxes. C) a decrease in government purchases. D) using an expansionary fiscal policy.

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What is used to illustrate an independent relationship between two variables?

a. A horizontal or vertical line b. An upward-sloping curve c. A downward-sloping curve d. A hill-shaped curve

Economics