The price of lobster doubles, making Henri feel less wealthy. As a result, Henri buysfewer lobsters.

An economist notes that demand for Brand A increases when the price of Brand B decreases. We can say that Brand A and Brand B are substitute goods Brand A is an inferior good, while Brand B is a superior good Both Brand A and Brand B are normal goods O Brand A and Brand B are complementary goods O Brand A is a superior good while Brand B is an inferior good

If the consumer is consuming exactly two goods, and she is always spending all of her money, can both of them be inferior goods?

There are three consumers in the market for potato chips; Don, Peggy, and Pete. The following table displays each consumers' demand schedule for potato chips. For each blank space, type in the correct answer (write your answer as a number). Price per bag ($) .25 .50 .75 1.00 1.25 1.50 Don's demand 7 6 5 4 3 2 Peggy's demand 10 8 6 4 2 0 Pete's demand 6 5 4 3 2 1 a) At a price of $0.75 per bag, the quantity demanded by the market is [Select] units of potato chips. b) Suppose that the price of potato chips is initially $0.75 and increases to $1.25. There is [Select] by the market that is equal to [Select] units of potato chips. c) Suppose that Pete decides to go on a diet and will no longer purchases potato chips at any price. In addition, after Pete has left the market, suppose that we observe that the quantity of potato chips demanded by the market is equal to 14 units. We can therefore infer that the market price is [Select]

Is a good which is inferior for one Consumer is inferior for all the other consumers also?

Will an increase in the price of a complementary good outwardly shift the demand curve?

“Owen saw that the price of peaches had gone down, and so he decided to buy more peaches.” Based on this information, what does Owen's reaction reflect? Explain.

Explain how the price of a good (fertilizer) is determined

Carefully explain why an increase in the price of commodity X will not result, ceteris paribus, in a decrease in demand for commodity X.

Who introduced utility