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: What does a downward-sloping demand curve mean about how buyers in the market will react to a higher…

A: A downward-sloping demand curve means that buyers in the market will decrease the demand and…

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: For an inferior good, the quantity demanded

A: Demand for inferior goods are depending upon consumer's income.

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 does change in price affect CONSUMER OPPORTUNITIES?

A: Microeconomics refers to the branch of economics that is concerned with a single factor and affects…

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: How do pricing constraints affect price setting?

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

Q: Evaluate the behavior of consumers in terms of the demand for products

A: The economy consists of the various economic agents which would result in the producers, consumers…

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: There is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand…

A: Sale at any shop is a strategy to sell out the inventories that has piled up because the products or…

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

A: Here we need to find the amount of a good that he or she will buy :  Now, As we know that, The…

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: Agree or disagree, the price of coffe rices,causing the demand for sugar to decrease. Therefore, the…

A: The market demand for a commodity shifts as a result of a change in consumers income, their tastes,…

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: discuss the law of demand and consumer behavior.

A: In a market, the terms law of demand and consumer behavior is considered as important economic…

Q: How does the equilibrium price of a normal commodity change when income of its buyers falls? Explain…

A: A normal good or a normal commodity refers to a good whose demand increases as the income of an…

Q: Explain why customers sometimes get a "good deal" on a product. Think about the behavioral aspects…

A: Demand (DD) and supply (SS) are fundamental economic concepts that describe the relationship between…

Q: What is consumerism

A: Different approaches are used by the producers at the market place to attract consumers towards…

Q: Suppose the cost of petrol is Rs. 100 per litre. There are two consumers who wish to purchase petrol…

A: Elasticity of demand , also stands for PEd, shows how the units demanded of a commodity changes…

Q: Using the following table about product X, answer the following question: How much is the price of…

A: The total revenue from the sale of a particular quantity of products or services is referred to as…

Q: A buyer's willingness to pay for a good is the that good. It measures how much the the good. buyer…

A: "Consumer surplus occurs when the price the consumer pay for the commodity or service is less than…

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…