How Do following affect the equilibirum price and quantity ? show graphically .

1) a change in consumer's tastes in favour of product

2) a reduction in consumers income

3) an increase in price of complementary goods ???

a. ​Change in consumer's taste in favor of the product-

Change in consumer's taste in favor of the product will lead to an increase in the demand for the product, thereby leading to a rightward shift in the demand curve from D₁D₁ to D₂D₂. This will lead to an increase in the equilibrium price and equilibrium quantity of the product.

b. Reduction in Consumer's income- 

Reduction in the income of the consumer's will decrease his demand for the good. As a result of which, the demand curve will shift leftward from D₁D₁ to D₂D_2. This will lead to a decrease in the equilibrium price from P₁ to P₂, and the fall in equilibrium quantity from q₁ to q₂. 

c. Increase in the price of complementary goods- 

Increase in the price of the complementary goods will lead to an decrease in the demand for the other good. This will lead to a leftward shift in the demand curve from D₁D₁ to D₂D_2. As a result of which, equilibrium price will fall from P₁ to P₂, while equilibrium quantity will fall from q₁ to q₂.