Explain how the price of a good you buy is affected


Problem

1. Explain how the price of a good you buy is affected by changes in the prices of (a) substitute goods; (b) complementary goods.

2. Use examples from your own experience to illustrate (a) a change in demand; (b) a change in the quantity demanded. Draw a graph for each example showing what happened to prices.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Explain how the price of a good you buy is affected
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