Which of the following is the best example of complementary goods?

Q: How should I spend my money in order to maximize my utility?”

A: Utility refers to the the satisfaction derived by consumption of a good/commodity or a service.

Q: Paper and pen are Complementary/Substitute goods Choose the correct option out of these two

A: We can determine whether two goods are complementary or Substitute by looking at how the change in…

Q: Who introduced utility

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

Q: Complementary goods are goods that are closely related. Choose the example below that best describes…

A: The objective of the question is to identify the best example of complementary goods among the given…

Q: what is the formula for calculating consumers net benefit in microeconomics?

A: Answer: For a consumer, the net benefit means consumer surplus. Consumer surplus is the difference…

Q: True or False? Two normal goods cannot be substitutes for each other. Illustrate.

A: A normal good is one that has an increase in demand as a result of rising consumer income.  Income…

Q: The law of diminishing marginal utility is consistent with the fact that people trade. Do you agree…

A: In economics, various laws and theories are developed to understand the market behavior in different…

Q: What is cardinal utility theory?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

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

A: # The low quality goods which follows a negative income effect are inferior goods.  Griffin goods is…

Q: "The use of non-linear pricing schemes means that consumer behaviour will definitely break the law…

A: One of the most fundamental aspects in economics is the law of demand. It combines the law of supply…

Q: Cake and pastries are Substitute goods or complementary goods?

A: If two goods can be used on place of each other than they are Substitute goods and if they are…

Q: Two students, Nick and Sofia, are discussing normal and inferior goods. Nick says that if Frodo buys…

A: According to the question, Nick and Sofia, two students, are debating the differences between…

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

A: Complementary Goods:- Complementary goods are those goods whose demand decreases when price of other…

Q: Examples of form utility?

A: Utility is defined as the complete satisfaction a consumer derives from the usage of a product or…

Q: With the aid of an appropriate diagram explain individual utility and social choices

A: Individual utility refers to the satisfaction or happiness that an individual derives from consuming…

Q: What do you mean by complementary goods give two examples of the goods which are complement to each…

A: According to the given question In general there always exist an inverse relationship between the…

Q: Question 7 Consider a perfectly competitive market characterized by a market supply equal to…

A: Given that:- Qs = 8*P Qd = 100 - 2*P   At equilibrium:- Demand function = Supply function

Q: How can business establishments take advantage of the law of diminishing marginal utility?

A: According to the theory known as the law of diminishing marginal utility, the amount of pleasure or…

Q: Can Giffin goods also be normal goods?

A: The type of goods that people purchase depends upon the income of the individuals. Usually…

Q: explain the Constructing Utility from Demand in microeconomics

A: The following concepts in relation to Microeconomics is explained as follows: