Water is necessary for life. Is the marginal benefit of a glass of water large or small?

Q: how did we get price at $10?

A: As discussed earlier, the monopolist has complete and maximum market power. A Monopolist produces…

Q: What factors commonly influence a person’s daily buying choices? Select one of these and explain how…

A: These are the factors which influence a person’s daily buying choices: The income of the consumer:…

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

A: Consumer theory is the theory that deals with determination of a point at which a consumer maximizes…

Q: Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.?…

A: Almost certainly the pure competitive industries are effective as in pure competitions the useful…

Q: Draw a supply and demand curve for cheeseburgers. Cattle farmers created a supplement to give to…

A: The demand(dd) curve shows us the negative relation that exists between the price(P) of a product…

Q: What happens in the market for beach towels,now that the season is over? Graph and explain

A: Demand is the consumer's willingness to pay or consume a certain good available in the market. It…

Q: One of the basic facts of life is that people must make choices as they try to attain their goals.…

A: Scarcity: Scarcity refers to the condition where resources, including time, money, labor, natural…

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: what is the principle of utility

A: Utility refers to the satisfaction received by a consumer from consuming a particular commodity.

Q: What are the 4 forms of utility? And explain what each one is.

A: Utility: It means the satisfaction received by consuming a good or service.

Q: What is the right amount of variety? Can there be too many varieties of shoes?

A: The monopolistic competitive markets sell differentiated good and this concept of the differentiated…

Q: If Goods are not rationed according to price, what happens?

A: Rationing is done by the government to manage the distribution of goods and services inorder to deal…

Q: what is customer satisfaction for food ?

A: Customer satisfaction is a metric that measures a company's customers' level of satisfaction with…

Q: what is the connection between Economics & Healthcare? in four sentences

A: Economics shows the economic activity such as production, consumption and distrubution in an…

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…