Identify the two goods which are substitutes.     Good X and Good Y     It is not possible to distinguish any relationship among the goods.     Good Y and Good Z     Good X and Good Z

Q: Considering peanut butter and jelly as compliment goods, if demand of peanut butter decreases…

A: A good that is being used to add value to another good or could not be used without each other is…

Q: A decrease in the price of a substitute good would be represented by a movement from

A: Two goods are substitutes if the products could be used for the same purpose by the consumers. That…

Q: The marginal utility is represented by the: Price P a b S D Quantity

A: Utility is the satisfaction gained by the consumer by consumption of a good. Marginal utility is the…

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: Give an example for substitutes, and give another example for complements. No need to explain. Do…

A: Goods which satisfy same type of wants and can be used in place of one another are called…

Q: Review price elasticity of demand and supply.  Price elasticity describes the sensitivity between…

A: The substitution effect is caused by a rise in the price of a good and service. The income effect is…

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: 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: Demand curves are generally downsloping.  Using a good of your own choosing as an example, fully…

A: Demand shows the relationship between the price of the product and quantity demanded. As the price…

Q: Refer to the graph below: Quantity of Y 160 A B 11 200 X Quantity of X Why doesn't the consumer…

A: Consumer theory is important in economics because it examines how customers maximize satisfaction…

Q: Suppose the price of good Y is $18. Use the information given in the figure below to answer this…

A: The price effect is known as the effect on the quantity demanded due to the change in price. The…

Q: Beef is a material for beef meatball.  We observe that the equilibrium quantity of beef meatball…

A: The market is a place where the buyers and the sellers meet together and decide about the quantity…

Q: B D D2 The demand for a blueberries, a normal good, is srown in the graph above, A shift from B to A…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: At the beginning of the pandemic, millions of people became unemployed. Around the same time, the…

A: Based on the type of relationship between income and demand of good, goods are classified as…

Q: percent decrease in the price of avocados leads to a 20 percent increase in the quantity of salsa…

A: Complementary goods are those goods where change in price of one good leads to change in the demand…

Q: Which of the following will result in a DECREASE in demand (i.e., a leftward shift of the demand…

A: In economics, goods are items that fulfill human requirements and provide utility, for example, to a…