Discuss whether technological firms in the united states should charge higher prices or lower prices to attract customers. Analyze how price changes affect consumer choice through income and substitution effects.
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- learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com Imagine there is an outbreak of 'mad sheep' disease, which wipes out a considerable portion of the sheep population in Scotland. This results in a shortage of Haggis and an increase in its price. a) Show the effect of this price increase on Angus' budget line and optimal choice, and explain the forces underpinning this outcome. (Hint: Consider substitution and income effects). b) Assuming that Haggis' price continues to increase over the subsequent months, derive the demand curve for Haggis. c) Discuss the income and substitution effects within the context of this price increase assuming that Haggis is an inferior good. 2 26% 1Describe a microeconomic variable for Dairy products?Define Availability of substitutes?
- If a good is free, when will a consumer stop wanting to buy the good? Once the total utility equals zero At the quantity where marginal utility is at its maximum Once the marginal utility equals zero When marginal utility is negative Once the marginal utility equals total utility What is used to measure a consumer's entire satisfaction or happiness of a choice? Total utility Marginal cost Marginal utility Total Revenue Total costs Which of the following best defines the term utility as it is used by economists? when a market allocates resources in a way that maximizes consumer and producer surplusWhat occurs according to Moore's law? Multiple Choice The power of microprocessor technology doubles and its cost of production falls in half every 18 mon The demand for microprocessor technology falls in half every 18 months. The demand for microprocessors continues to rise, while their supply falls. The price of microprocessors continues to fall, while their cost of production increases The cost of microprocessors increases as their power increasesHow would marginal utility and market demand be affected by a rise in the price of a contemporary good?
- Marketers attempt to measure what are often hidden aspects of a consumer's buying habits in order to determine why the person tends to buy the same brand over repeated purchases rather than competing brands. A person's toward a brand thus consists of the individual's beliefs (the cognitive component), his emotions (the affective component) and finally, the individual's behaviors during the purchase stage. A motivation В attitude C personality D social classThe table below shows Tom's demand schedule for web tutoring before and after winning the lottery. Use the data provided to answer the following questions: Quantity Demanded (Hours per Semester) Price (per Initial Quantity After Increase Hour) Demanded in Income $50 1 8 45 2 9 40 3 10 35 5 12 30 7 14 25 9 16 20 19 22 15 10 27 12 15 20 Instructions: Enter your responses as a whole number. At what price would Tom buy 12 hours of web tutoring? a. Without a lottery win. per hour b. With a lottery win. per hourHas Cath Kidston executed value-based pricing, cost-based pricing or competition-based pricing? Explain.
