Give an example of Quality/new goods bias?

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: If the good is an older used version of the IPhone, .e.g. the IPhone 5 which costs less than $100 on…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: When the market for a priduct clears a) the price will decrese b)there is a shortage  c) there is a…

A: The market for a product clears when the economy reaches equilibrium.

Q: All else equal, which is steeper, the demand curve for a normal good or the demand curve for an…

A: In the case of a normal good, as income increases, the demand for the good also increases, but at a…

Q: What does the concept of 'price elasticity of demand' in microeconomics measure?   A) The…

A: Price elasticity of demand (PED): It serves as an economic measure employed to assess the degree of…

Q: If iPad is considered a normal good, when income in Camarillo goes up, the effect on iPad in…

A: In a market, if a good is a normal good, it will have an inverse relationship with the price, and a…

Q: How do pricing constraints affect price setting?

A: Pricing constraints are those factors that hold you back from having unbending nature in your…

Q: Explain how consumer expectation is a determinant of demand.

A: Demand simply refers to a customer's desire to purchase goods and services without hesitation and…

Q: Draw a supply and demand graph for new cars. Show the impact that the 2008-09 recession (with the…

A: Demand is the quantity of a product or service that consumers are willing and able to buy at a given…

Q: This is a difficult question. Take your time to match the term to its definition or description.…

A: Complement : B. EXY< 0 Inferior good : A. E1< 0 Normal good : C. E1> 0 Substitute : D.…

Q: come up with a set of examples of elastic, inelastic, normal, and inferior goods in your own life.…

A: Elasticity refers to the sensitiveness of quantity demanded due to the change in price level.

Q: What determines the utility an individual receives from consuming a good? Select one: a. The…

A: In economics, the problem of scarcity is addressed by economic agents. As human wants are unlimited,…

Q: riefly outline and explain some of factors that depend on line amount of a commodity a consumer os…

A: The dependent variable is Quantity demanded. The independent variables are Price and Income. We have…

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: Suppose that supply and demand for a certain commodity are described by the supply curve,…

A: Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium is…

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: 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 if buyers in the market were to Decrease?

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