The amount of a good that buyers are willing and able to purchase at a given price.

Q: A rational consumer would want as much as many goods as possible to maximize utility derived from…

A: Utility refers to the satisfaction or enjoyment a consumer can get from a service or good.

Q: You and another shop are deciding whether to keep prices high or keep prices low. Here is the…

A: It can be said that it is not a perfect competition situation.

Q: Explain what the utility maximizing choice means. Discuss how you could use marginal utility to…

A: Utility is characterised as the whole satisfaction a customer experiences when utilising a good or…

Q: What is the objective of the price change?

A: Price change shows that how during a trading period, there is a difference in price of the same…

Q: think about a time when you experienced diminishing marginal utility. Then write your own example…

A: The notion of marginal utility in economics describes the extra pleasure or benefit that a customer…

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 price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: what is a scenario in which the consumer faces a shortage of a good due to high demand. Explain how…

A: The objective of the question is to understand a scenario where a consumer faces a shortage of a…

Q: True/False Marginal utility refers to the satisfaction or pleasure that occur due to the…

A: The satisfaction or pleasure that a person experiences after using a good or service is referred to…

Q: Explain how utility could be used in a decision where performance is not measured by monetary value.

A: Utility is resisted as a term used to portray the fulfillment an individual gets from the…

Q: For an inferior good, the quantity demanded

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

Q: Use willingness to pay and willingness to sell to determine supply anddemand at a given price

A: The maximum price that the buyer is ready to pay for a unit of commodity rather than go without it…

Q: Explain how economic forces such as employment, income, prices, interest rates, and consumer…

A: Demand for a commodity id desire backed by ability to buy and willingness to pay by an individual,…

Q: Describe the need versus the want for a Samsung cellphone.

A: Let us image the case of a farmer who produces barley. The farmer may receive many customers for his…

Q: The satisfaction that comes from making a choice or consuming a good or service is called focus…

A: The subject of economics focuses on how societies distribute scarce resources to meet seemingly…

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: The price for a product might remain the same, or rise or fall over time. Regardless, over time…

A: The price for a product is determined at the intersection of the market demand for the product and…

Q: Suppose that the equilibrium price of french fries rises while the equilibrium quantity falls. The…

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

Q: Give one reason for decrease in supply of a good

A: Decrease in supply depicts change in "supply" and not quantity supplied. The decrease in supply is…

Q: Explain how the equilibrium, or market, the price of a product is examined.

A: Equilibrium is known as the state of balance, the state of rest from where there is no tendency to…

Q: Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.

A: Demand for a commodity is based on the desire to have that commodity backed by the ability to pay…

Q: Explain why you think that the demand of one product may diminish as prices are increased

A: As per Law of Demand, the demand of any good decreases with increase in price given other…

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: Why might quantity supplied be relatively unresponsive to a price change?

A: The passage of time has a significant impact on how goods are produced and supplied. Long-term…

Q: Which of the following goods would most probably be a normal good? Multiple Choice used furniture…

A: Demand for those goods increases with increase in income refers to normal goods.Which means that…

Q: utility maximisation

A: The usefulness or enjoyment that a consumer can derive from a service or good is referred to as…

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: Wants, as opposed to demands,A) depend on the price.B) are the goods the consumer plans to…

A: Wants are the desires to possess or wish for something.Some examples are things like fine…

Q: What refers to the quantity of goods and services that consumers are willing to buy at a given…

A: Willingness and ability both are required in order to be able to purchase a good.

Q: Agree or disagree, a decrease in supply causes the price of coffe to fall

A: The supply (ss) of a good refers to the quantity that the producers are willing to sell at a…

Q: not use ai please

A: Foods and Food HabitsPromote Healthy Digestion and Absorption: a. Take small bites of…

Q: How does a sudden decrease in consumer confidence due to a significant political event impact the…

A: Consumer confidence refers to how optimistic or pessimistic consumers are about the economy's…

Q: If we assume that products Z and Y are complements and the price of Y decreases: Multiple Choice the…

A: Complementary goods are goods that are consumed together. If good Y and good Z are complementary…

Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.