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Samuelson, P. A. & Nordhaus, W. D., (2004), Economics (International Ed.). McGraw-Hill Irwin.... Head: [short [institute of affiliation Demonstrate, using supply and demand analysis, the impact on the equilibrium price and quantity of new mid-size automobiles when household incomes increase.
When household incomes increase, there is increase in overall demand, therefore the demand curve shifts to the right. This shift in the...