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Consider the events listed below each of which has an impact on the market for bicycles Draw a demand and supply diagram to analyse the impact of each event on the market of cycles

  1. Consider the events listed below each of which has an impact on the market for bicycles. Draw a demand and supply diagram to analyse the impact of each event on the market of cycles. (4 marks)
  1. Cars’ prices increase.
  2. Decrease in consumers' incomes, if they are a normal good.
  3. Steel used to make frames of bicycle gets expensive.
  4. An environmental movement shifts tastes toward bicycling.
  5. Consumers expect the price of bicycles to fall in the future.
  6. A technological advance in the manufacture of bicycles occurs.
  7. The price of bicycle helmets and shoes is reduced.
  8. Consumers' incomes decrease, if bicycles are an inferior good

Apr 01 2021 View more View Less

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