Assume the following data: QD'X shows demand after revenue has increased The Question : b. What happens when income rises, price X drops from $ 5 to $ 3? c. What type of goods is commodity X, why?

ENGR.ECONOMIC ANALYSIS
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4. Assume the following data: QD'X shows demand after revenue has increased The Question : b. What happens when income rises, price X drops from $ 5 to $ 3? c. What type of goods is commodity X, why?
4. Diasumsikan data sebagai berikut:
Px (5)
4
3
2
QDx
18
24
30
40
60
QD' x
38
40
55
70
100
46
20
Transcribed Image Text:4. Diasumsikan data sebagai berikut: Px (5) 4 3 2 QDx 18 24 30 40 60 QD' x 38 40 55 70 100 46 20
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The quantity demanded of a commodity changes in response to the price of the commodity and also is affected by other factors like the income, price of related goods, tastes and preferences, etc of the consumers. The changes takes place with the changes in all the real variables in the economy and affect the working of the firm.

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