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- How would marginal utility and market demand be affected by a rise in the price of a contemporary good?Does the income level of a person change their view of substitute goods?You love peanut butter. Other spreads are just not as good, as far as you're concerned. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. As a result, your demand for peanut butter Group of answer choices will increase but not until the end of the year. increases today. decreases as you look for a substitute good. shifts left today.
- Using the consumer choice theory, explain how an individual decides how to adjust her preferred combination of different products to buy when the price of just one product changes ?You have just opened a new grocery store. Every item you carry is generic (generic beer, generic bread, generic chicken, etc.). You recently read an article in the Wall Street Journal reporting that the price of recreation is expected to increase by 15 percent. How will this affect your store’s sales of generic food products?Why do people purchase more of something when its price falls?
- if consumers would expect the price of a good to increase in the near future in the price of a complement good to decrease at the same time what would happenhow do I illustrate an increase in a price of an item resulting in consumers buying another itemWhat if the product is price inelastic, how will this affect your decision in setting price?
- Which is the correct answer ?What do you understand by price line and budget line? Assuming that a consumer has a monthly income of $180, which he spends on two commodities Good X and Good Y. The price of Good Y is $ 12 and Price of Good X is $24. What would be the various combinations of Good X and Good Y in this regard? Write various combinations and draw budget line accordinglyIf you buy less clothing because the price of clothing at your favorite store has gone up, what are you experiencing?
