Why do we enjoy buying things? How can someone resist the temptation to buy more stuff?

Q: Assume that there are four consumers A, B, C, and D, and the prices that each of them is willing to…

A: Consumers surplus: It is the measurement of the benefit that the consumer derives from buying a…

Q: Suppose that Brian and Crystal are the only suppliers of ice cream cones in a particular market. The…

A: The law of supply is an important concept in economics. It suggests that there is a positive…

Q: Production Possibilities Product A в D E F Steel 2 3 4 Wheat 100 90 75 55 30 The marginal…

A: In an economy, the resources are limited. Therefore, when the production of one good has to be…

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: Levels of Competition This activity is important because the fourth C in the 5 Cs of pricing,…

A: Market is the physical or virtual place where buyer and seller interact and exchange goods at given…

Q: the quantity of a good or service which consumers want and have the ability to purchase

A: Quantity- It is the number or amount of goods or services.

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: Meaning of utility

A: It is a service that is offered to the general population, such as water, gas, or electricity.

Q: How does change in price affect CONSUMER OPPORTUNITIES?

A: Microeconomics refers to the branch of economics that is concerned with a single factor and affects…

Q: In this question, assume that all variables other than price and quantity are held constant. At…

A: Given; Price elasticity of demand; ed=2.05 Increase in quantity sold= 75% Price elasticity of…

Q: A firm used $1,900 worth of peanuts and $100 worth of salt to produce peanut butter. This required…

A: In value added method, revenue – costs provides value that the firm added in the process

Q: What are the types of utility

A: Utility refers to the total satisfaction that is derived from consuming a good or a service. Utility…

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: Would you call your refrigerator a comfort or a necessity?

A: Necessity commodities are those products and services that customers can purchase regardless of…

Q: Goods that can be used to replace one another are called What?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Match tne explanation for why people buy more at lower prices with the proper term. Substitution…

A: Quantity demanded refers to the quantity of associate item or service that customers demand…

Q: Price Brian's Quantity Demanded Crystal's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1…

A: Demand: Demand for a commodity can be defined as the desire and willingness of a consumer to acquire…

Q: Think back to a purchase that you made recently. How  would you describe your thinking before you…

A: Individual’s should make decisions based on rational calculations to achieve the potential outcome.

Q: Suppose that Katie and Kelly each expect to receive $500 worth of marginal benefits from a proposed…

A: Majority rule is a way of taking decisions in which an alternative is selected when it gets more…

Q: An economy is initially in equilibrium. Suppose that the government decides to increase spending.…

A: The aggregate demand/supply model demonstrates how total supply and total demand interact at the…

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: 4 A furniture manufacturer makes chairs, coffee tables, and dining room tables. Each chairrequires 2…

A: Variables will be what we need to find . Here chair , coffe table and dinning room are the varibale…

Q: Gwennith's demand curve for heebie-jeebies decreases (shifts left) as her income rises. Therefore,…

A: The amount of income determines the purchasing power of a consumer. Income elasticity of demand…

Q: You are shopping for new clothes and you like the style of a shirt. The store clerk tells you they…

A: This is an issue of likelihood, that can be addressed by utilizing a table, a tree graph or…

Q: The first graph presents the utility maximizing combinations of bread and brie that Hayden chooses…

A: Given: Price of bread=$1 per loaf The price of brie could either be: $4 or $6 per wheel

Q: Why do people buy more goods and services when their budget increases?

A: People's budget can be increased by two ways.  First, when their income increases, second when the…