Economic Question?

In the market for rap music CDs, explain whether the following events would cause an increase or a decrease in demand or an increase or a decrease in the quantity demanded. Also explain what happens to the equilibrium quantity and the market price.

A. The price of CD packaging material declines
B. The price of CD players declines
C. The price of cassetts tapes increases dramatically
D. A booming economy increases the income of the typical CD player.
E. Many rap fans suddenly develop a fondness for country music.

Answer:
A. Quantity demanded rises. (price of CD goes up)
B. Demand rises (fall in price of complement)
C. Demand rises (rise in price of substitute)
D. Demand rises (rise in income)
E. Demand falls (change in preference).

When Demand rises, eq. price goes up and quantity goes up
When Demand falls eq. price goes down and quantity goes down.

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