Bread and butter are Substitute goods True/False

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: Paper and pen are Complementary/Substitute goods Choose the correct option out of these two

A: We can determine whether two goods are complementary or Substitute by looking at how the change in…

Q: Who introduced utility

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: Cheese and buns are comements. What will happen if cheese becomes less expensive?

A: Definition of Complementary goods : These are jointly demanded goods.

Q: If the price of a product decreases by 10 percent and the quantity demanded increases by 5 percent…

A: Price Elasticity of Demand measures the percenatge change in quantity demanded due to percentage…

Q: If the economy goes into recession and income falls, what happened to inferior goods?

A: Inferior goods: The inferior goods are those goods whose demand increases when consumers’ income…

Q: Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.

A: Demand for a commodity is based on the desire to have that commodity backed by the ability to pay…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: Relate satisfaction with consumer equilibrium and explain their relationship.

A: Consumer equilibrium is a state where a consumer is able to maximize their satisfaction or utility…

Q: The income of consumer has got increased and the consumer's demand for good X has also increased.…

A: If the consumer's income is increasing this means that the consumer can now afford more goods and…

Q: What is the equilibrium in the market? Like can you help me find Q*a, Q*b, Q*c, P*a, P*b,P*c

A:

Q: What refers to the quantity of goods and services that consumers are willing to buy at a given…

A: Willingness and ability both are required in order to be able to purchase a good.

Q: How does a consumer determine how much of a good he or she will buy?

A: In a market, when a consumer wants to purchase a specific good, he needs to decide how much quantity…

Q: List and define the different kinds of goods.  Give an example of each

A: Normal goods: If the demand for a good is most responsive to its price, the good is known as the…

Q: Cake and pastries are Substitute goods or complementary goods?

A: If two goods can be used on place of each other than they are Substitute goods and if they are…

Q: Explain all the reasons why a decrease in the price of a product would lead to an increase in…

A: The law of demand says that there is an inverse association between the price of a service and…

Q: How does the number of sellers in the market increase?

A: A seller is a person or business that trades goods or services in exchange for money. The number of…

Q: When does a consumer buy more quantity of a commodity at a given price? give three points.

A: # The law of demand states that demand and price move in opposite direction. There is an inverse…

Q: For most goods if a consumer's income increases his demand for the goods will do what?

A: Consumers use their income to purchase goods and services. In consumer demand theory, the level of…

Q: What happens in the market for beach towels,now that the season is over? Graph and explain

A: Demand refers to the quantity of goods or services that a consumer is willing and able to buy at a…

Q: Can Giffin goods also be normal goods?

A: The type of goods that people purchase depends upon the income of the individuals. Usually…

Q: What if buyers in the market were to Decrease?

A: In a changing market, the impact of technological advancements and shifts in demand can…

Q: If butter is the product, what happens when the price of magarine goes up?

A: Butter and Margarine are substitute goods for consumers.  Substitute goods are those goods that are…