You are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product Xupon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.Refer to the above.An increase in income, if X is a normal good, will:

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An increase in income, if X is a normal good, will lead to an increase in demand (D) for product X as people have more purchasing power. This will result in an increase in the equilibrium price (P) of X as the quantity demanded exceeds the quantity supplied. Additionally, the equilibrium quantity (Q) of X will also increase as the higher income level allows for a greater quantity to be demanded at the higher price.

You Are Asked to Determine, Other Things Equal, the Effects