Question: DoughCrust Bread is a normal good produced by the DoughCrust Bakery. What will happen to the equilibrium price and quantity of DoughCrust Bread in each

DoughCrust Bread is a normal good produced by the DoughCrust Bakery. What will happen to the equilibrium price and quantity of DoughCrust Bread in each of the following situations

(a)Due to a recession, households that buy DoughCrust experience a decrease in income.

(b)The cost of wheat used in DoughCrust increases significantly.

(c)DoughCrust buys improved ovens that reduce the costs of DoughCrust bread.

(d)Luvly loaf, a rival,cut the price of the bread.

(e)Consumers become health conscious and switch to low- calories bread.

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The status rule: We tend to have more confidence in information presented by someone who has a relatively high status and rank in society than by someone who hasnt.

The spatial rule: The closer spatial proximity we have to an event, the more importance we will attach to it.