Q: Is ketchup a final good or intermediate good?
A: The markets are the place where the buyers of various goods, and services, meet, and interact with…
Q: What happened when income is zero and you must have still consume to survive
A: When income is zero, an individual still needs something to consume for minimum needs.
Q: Homeowners in New York City will receive a property tax rebate in the next few months. What do you…
A: The equilbrium price and quantity of a good sold in the market are determined by the forces of…
Q: How is Consumer demand for products quite different from demand in the business market?
A: Demand:- Demand is an economic theory that refers to a person's inclination to buy a product or…
Q: Discuss what markets are?
A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…
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: conditions for production and consumption efficiency.
A: Economic efficiency refers to a condition of affairs in which all resources are distributed properly…
Q: Explain how economic forces such as employment, income, prices, interest rates, and consumer…
A: Demand for a commodity id desire backed by ability to buy and willingness to pay by an individual,…
Q: What is equilibrium
A: Equilibrium is a state where two opposing forces balance each other. In economics, Equilibrium is a…
Q: If the price of a product decreases by 10 percent and the quantity demanded increases by 5 percent…
A: Price Elasticity of Demand measures the percenatge change in quantity demanded due to percentage…
Q: It is better to pay regular price than to stand in a long line for a free item?
A: Opportunity cost represents the benefit an individual misses out for not choosing the alternative.…
Q: What is economics constants?
A: Constants remain same.They do not change.
Q: How do demand and supply curves impact your life?
A: Demand and supply are very important for life. Basic products as well as luxurious products are…
Q: . For goods, increase in income leads to increase in demand.
A: To find : What leads to increase in demand.
Q: How do economic factors such as a recession or consumers having more money impact the demand and…
A: The interest rate in the economy helps to identify the level of policies in the economy as well as…
Q: betsy graduates from college and her income increases by $40,000. nothing else changes. betsy…
A: On rise in income, if the demand of good rises, then the good is called a normal good.While, if the…
Q: If the prices of both goods increase by 50% while income remains constant what will happen?
A: Budget line equation is given by I = Px . X + Py. Y
Q: Why are budget cuts a good thing?
A: A budget cut refers to a decrease in the amount of a budgeted expenditure within a government or a…
Q: How can an economy adjust back to equilibrium? Is it by having an equal amount of demand and supply?
A: In economics, an equilibrium is considered as a state of rest from where neither buyers nor sellers…
Q: Are households primarily buyers or seller in the goods and services in the market? In the labor…
A: The simple circular flow model is used to see the flow of income and output between the households…
Q: What are the impacts of throwaway lifestyle to the environment and to the poor?
A: The economics as a study is based upon the idea that the resources which are present with the…
Q: Is there any graph that can show about the Malthusian Theory of the decreasing in supply food that…
A: The Malthusian argues that population increases at a geometric rate and food supply increase at an…
Q: the degree of change in demand or supply due to the change in its determinants
A: The demand and supply are the two sides of the market. The demand and the supply in the market would…
Q: Are households primarily buyers or sellers in thegoods and services market? In the labor market?
A: The circular flow model depicts the flow of money in society. Money moves from producers to…
Q: What is changes in equilibrium? take an example
A: In economics, economic equilibrium is a state in which economic forces like supply and demand are…
Q: Presently the real income of households are decreasing what do you think will happen to the demand…
A: Goods for which the demand moves in the same direction as the income of the individual are normal…
Q: As technological change makes us more sedentary and food costs increase, obesity is likely. What…
A: An increase in the cost of food and makes individuals more sedentary is one of the major drawbacks…
Q: shift in supply and demand when there’s an increase in consumer income.
A: The amount of good that a consumer is willing to buy at a particular price is known as demand.…
Q: ⦁ In economics, the demand for a good refers to the amount of good people: ⦁ would like to have…
A: Demand for a good is the desire to purchase a product along with ability to pay and willingness to…
Q: How has the supply and demand of a specific product affected your/your family’s purchasing…
A: The supply and demand for a specific good affect the consumer in several ways. The interaction of…
Q: What are goods and services
A: Economic decisions are those decisions in which people will choose what to do with limited…
Q: Do consumers always make rational consumer decisions when buying economic goods?
A: Rational action applies to a choice - formation mechanism focused on the making of decisions that…
Q: What did the government encourage people to to increase the food supply and reduce the demand for…
A: To reduce the demand for commercially grown food,government initiated plant victory gardens to…
Q: What happens to demand for normal goods when income of people decrease
A: Demand is the total goods and services that the consumers are willing to buy at different prices.
Q: What Is a Market?
A: In economics, the word market refers to a single commodity market or a collection of commodities.…
Q: The various combination of goods that can be produced in any economy when it uses its available…
A: A. Demand curve - It is the curve which shows the relationship between quantity demanded and price…
Q: Factors that influence demand and supply
A: Supply and demand, in economics, is relationship between the amount of goods that producers want to…
Q: susan decision about how much income to save is it microeconomics or macroeconomics and provide a…
A: Microeconomics is the study of the economic behavior of particular economic elements and factors.…
Q: Is bread and butter Substitute goods?
A: First let's understand what are substitute goods. The goods which can be replaced with each other to…
Q: economic factors thst affect healthy eating
A: Qd(quantity demanded) of a product depends on various factors such as P(own price), Y(income),…
Q: What is Art Appreciation
A: The term Art signifies a large variety of works, from paintings to sculptures, architecture to…
Q: How does wealth and power effect relationships between producers and consumers?
A: Factors of production such as land, labor, capital, and enterprise are important for the business as…
Q: If butter is the product, what happens when the price of magarine goes up?
A: Butter and Margarine are substitute goods for consumers. Substitute goods are those goods that are…
Step by step
Solved in 2 steps
- Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?What happens if a consumer's income increases and the supply remains constant?What happens to consumption of a normal good when its price increases?
- Explain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. Do you think that you could consume less by refusingto buy some of the things you regularly buy? If so,what are three of those things? Do you think that thisis something you ought to do? Explain.Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.