1. a. Define what is a change in the quantity demanded of a good or service. Ill

1.
a. Define what is a change in the quantity demanded of a good or service. Illustrate graphically such a change.
b. List the factors that influence purchasing plans and change demand. For each factor, state whether it increases or decreases demand.
c. Define what is a change in demand for a good or service. Illustrate this change graphically.
2.
a. Define what is a change in the quantity offered of a good or service. Illustrate graphically such a change.
b. List the factors that influence purchasing plans and change supply. For each factor, state whether it increases or decreases supply.
c. Define what is a change in the supply of a good or service. Illustrate this change graphically.
3.
a. What is the equilibrium price of a good or service?
b. When does a shortage occur?
c. What happens to the price when there is a shortage?
d. When does a surplus occur?
e. What happens to the price when there is a surplus?
If we start from an equilibrium situation in the market, indicate what happens to the equilibrium price and quantity if the consumer’s income increases and the good is normal. You must illustrate this graphically.