Question: Using supply and demand graphs AS WELL AS written discussion, illustrate the following: an increase in consumer income, a price increase of the good in

Using supply and demand graphs AS WELL AS written discussion, illustrate the

following: an increase in consumer income, a price increase of the good in question, an increase in the price of an input, an increase in taxes on production, an increase in the price of a substitute good, and the imposition of a price ceiling. In your answer, be sure to discuss the laws of supply and demand as well as the "dynamic laws" of supply and demand. How does the Marshallian representation of supply and demand illustrate Smiths' ideas and simultaneously transform economics into something more "scientific"?

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2. Ask questions, listen rather than attempt to persuade.

9. How much of the information collected will be used in decision-making?

1. Background knowledge of the subject and