f a decrease in price of good X decreases the demand for good Y, which of the following statements are true:  Good X and Good Y are substitutes Good X is inferior Good X and Good Y are complements Good Y is inferior

Q: 4) Explain the impact of prices of a substitute good decreasing in 2+ sentences. Explain the impact…

A: Substitute goods: Two goods are called to be substitutes of each other they can be used for the same…

Q: A decline in the price of good A causes the demand curve for good B to shift to the right.  We can…

A: The demand changes of one good related to the price changes of another good is known as the cross…

Q: Consider the market for wireless headphones using the equations below. P = 120- QD P = 40+ 3QS 1.…

A: Equilibrium price and quantity:Price and quantity are in equilibrium at the point in the demand…

Q: Which of the following leads to a rightward shift of the demand curve?     Responses A an…

A: The demand curve depicts the inverse relationship between price and quantity demanded of goods,…

Q: When income rises by 10%, the demand for Good A rises by 20%.  From the above, we know Good A is a…

A: The demand for a normal good rise with a rise in the income level whereas the demand falls with the…

Q: Answer question 3 please

A: 3)Substitute good is a good which can be used in place of another good. For example tea and coffee.

Q: The demand for private jets (x) is given by QD = 20 – (px/y) + py where px is the price of jets, py…

A: Price elasticity of demand helps us to measure the change in consumption of a product in relation to…

Q: Which of the following states the definition of supply? Group of answer choices There is a negative…

A: The law of supply is a fundamental economic concept that describes the total amount of a specific…

Q: What term is used to describe goods that can replace each other to some extent, so that a rise in…

A: Substitute goods: 2 goods X and Y are substitutes if price of good X and demand for good Y are…

Q: Which of the following will NOT cause a shift in the demand curve? a) a decrease in the price b)…

A: The demand curve D is the downward sloping graphical representing the association between price and…

Q: The quantity demanded of diamonds declines as the price of diamonds declines because the prestige…

A: The statement is about the demand for diamonds and its relationship with price and prestige. It…

Q: If a good is an "inferior good", then people feel inferior when they buy it people buy less of this…

A: Inferior goods refer to those goods which demand decreases due to rise in individual income and…

Q: A and B are complementary goods. O A is a normal good and B is an inferior good. O A is an inferior…

A: Cross-price elasticity of demand = % change in the quantity demand/ % change in the price

Q: 6) Explain the impact of consumers' taste in a product increasing in 2+ sentences. Explain the…

A: Market equilibrium occurs when the market price of a commodity has reached that level when the…

Q: Suppose that the price of good Y decreased from $18/unit to $16/unit and as a result, the quantity…

A: Elasticity refers to the responsiveness of one variable to changes in another variable, given that…

Q: 2) Define complementary good. Provide an example. Explain the impact of prices of a complementary…

A: 7) The impact of increasing the number of consumers in the market would have a direct impact on the…

Q: The price of good A went down by 5% and the quantity demanded of good B went up by 5%. This is…

A: Option C There is an inverse relationship between the price of a complementary good A and quantity…

Q: When the price of a good increased by 2%, the quantity demanded of it decrease 10% does this have…

A: A substitute good in economics is a thing or service that can be used in lieu of another good or…

Q: 5) Explain the impact of consumers expecting the price of a good increasing in 2+ sentences. Provide…

A: The expectations of price in the market can lead to shifting both the demand as well as supply. If…

Q: Consider two markets: the market for waffles and the market for pancakes. The initial equilibrium…

A: The price elasticity of supply refers to a metric that is used to evaluate the responsiveness of the…

Q: Which of the following products would likely be the most inelastic? Restaurant Meals O Clothing…

A: Elastic is a phrase used in economics to describe a shift in buyer and seller behavior in reaction…

Q: Tea and coffee are substitutes. If the price of coffee decreases, what happens in the market for…

A: Substitute goods are those goods that cannot be used together. For example coca cola and Pepsi. If…

Q: Question 8 If a rise in the price of good X results in the amount of money spent on good Y…

A: At the marketplace, two goods are related to each other when a change in the price of one good…