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

When the price of raspberries increases, consumers may switch to strawberries or blueberries. What effect is responsible for this switch?

What happens to the price of peaches if consumer income declines?

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?

From the information given in the preceding question (in which Ming views X and Y as perfect complements), we know that O when the price of Y increases, Ming's demand curve for X shifts in. O when the price of Y increases, Ming's demand curve for X shifts out. when the price of X increases, Ming's demand curve for X shifts out. O Ming's demand curve for X is a horizontal line. O Ming's demand curve for X is a vertical line.

“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.

At her current level of consumption, jess gets half as much marginal utility from an aditional bagel as form an additional muffin, if the price of muffin is $2 each, then jess is maximizing her utility if the price of a bagel is :

The first graph presents the utility maximizing combinations of bread and brie that Hayden chooses when the price of bread is $1.00 per loaf and the price of brie is either $4.00 or $6.00 per wheel. The second graph shows Hayden's demand curve for brie, based on those utility maximizing points. What are the specific prices and quantities of brie associated with points A and B on Hayden's demand curve? Bread (loaves) 26 16 BC2 24 BCI Brie (wheels) Price ($) Market for brie B Demand Quantity (wheels of brie)