An increase in demand for a good may be caused by a decrease in the price of *         the good.       a complement.       a substitute.       an unrelated product.

Q: Daffy’s is a pet care company that recently increased the average price of its services by 5%. As a…

A: The demand for services in one shop depends on the number of competitors in the market.

Q: Assume that the demand for cosmetic or plastic surgery is price inelastic. Are the following…

A: Elasticity is used to explain the relationship that exists between demand/supply and their…

Q: Demand for a good may be price elastic for three main reasons. Demand for a good may be price…

A: Price elasticity of demand is the responsiveness of the quantity demanded due to the change in…

Q: The quantity demanded of salt decreases when the price of pepper increases. This is an example of *…

A: Price elasticity is an important measure to be used to analyzed by the policymakers to know the…

Q: If the price of Pepsi-Cola increases from 40 cents to 50 cents per bottle and the quantity demanded…

A: Price elasticity of demand refers to the percentage change in the demand for goods and services due…

Q: If the price of product M increases from $80 to $100, the quantity supplied for product M will the…

A: 1. The elasticity of supply measures the percentage change in the quantity supplied due to the…

Q: Show the movement of the demand curve based on the data below then identify whether it is a change…

A: Change in demand : In this case there will be shift in the demand curve either it will shifted to…

Q: A good with many close substitutes is likely to have relatively demand, because consumers can easily…

A: Hi, thank you for the question. As per the guidelines, we are allowed to attempt only first…

Q: The price of sushi decreased by 10% and the quantity demanded for sushi increased by 15%. Therefore,…

A: We only answer one question so we will answer the first one. Please submit a new question specifying…

Q: Inferior goods are those for which demand increases asA) income decreases.  B) income increases. C)…

A: An inferior good is the one whose demand decreases with the increase in income and with the fall in…

Q: The introduction of refrigerators into American homes: A) did not affect the short run own price…

A: The percentage with which the quantity demanded of a good changes as the price of good increases or…

Q: Explain the importance of demand curves and the price elasticity of demand.

A: Quantity and quality of enterprise are important for economic development. Quantity of…

Q: An increase in the price of Elidor shampoos (a substitute) will shift the demand curve of…

A: When analyzing the market for a specific product, one can see the relation of that specific product…

Q: Suppose the demand curve for a product is given by Q=10-2P+Ps, where P is the price of the product…

A: The elasticity of demand(ed) is the demand's sensitivity for any product concerning the change in…

Q: Demand is more elastic:   a. in the short run than in the long run b. for necessities than…

A: Elasticity shows the responsiveness of quantity demanded due to the change in the price of a…

Q: A good with many close substitutes is likely to have relatively demand, since consumers can easily…

A: The percentage change in the quantity demanded of a good or  service divided by the percentage…

Q: If there is a decrease in the price of water (a complement), demand for Head&Shoulders shampoos will…

A: Demand is the willingness  of consumers for consuming goods and services at given prices. Under…

Q: Use the concept of elasticity of supply to explain why antique furniture is so expensive.

A: Step 1- The price elasticity deals with the sensitiveness to the supply of service or goods as a…

Q: Which of the following is true with own price elasticity? Kindly explain the answer. thank you! A.…

A: In a market, own price elasticity of demand is the situation when change in the price of a good will…

Q: The price of T-shirts keeps rising and rising, and people keep buying more and more. T- shirts must…

A: The law of demand states that the price and quantity demanded are inversely related ceteris paribus,…

Q: Factors influencing  price elasticity of demand and price elasticity of supply Pls provides…

A: Factors which Affects the Elasticity of Demand of a Commodity   1. Nature of commodity:   Elasticity…

Q: Kremi lce Cream Factory manufactures vanilla ice cream and chocolate ice cream. There are times when…

A: The law of demand indicates that the price of the good and its quantity demanded are negatively or…

Q: A supermarket reduces the price of its own brand of baked beans as a special offer for ane week…

A: Given:  Reduction in the price of own brand of baked beans by a Supermarket as a special offer for…

Q: Daffy’s is a pet care company that recently increased the average price of its services by 5%. As a…

A: Answer: Daffy is a pet care company and Baffy is a pet adoption company. When Buffy, a pet adoption…

Q: Which of the following results in a movement upward along the supply curve for movies in theaters?…

A: An upward movement along the supply curve of movies in theatres refers to the expansion of the…

Q: When price of a good falls from $15 per unit to $12 per unit its demand rises by $25% calculate…

A: The price of a good falls from $15 per unit to $12 per unit. ------- % change in price = [(12 - 15)…

Q: The price elasticity of demand measures:   A.    Responsiveness of quantity demanded to a change in…

A: The elasticity(Ep) of the demand(dd) captures the responsiveness of dd with reference to the…

Q: Price elasticity of demand is an essential tool to measure the responsiveness of quantity demanded…

A: Price elasticity of demand refers to that economic measure that calculates the percentage change in…

Q: How will the elasticity of demand be affected in the following cases? A. More substitutes become…

A: A good price elasticity of demand is a proportion of how delicate the amount requested is to its…

Q: Price (dollars per pizza) D2 Quantity (millions of pizzas per year) n the above figure, the shift in…

A: As per the law of demand, there exists inverse relationship between price of given good and quantity…

Q: When demand is price inelastic, ceteris paribus:  a) A rise in price leads to lower total revenue…

A: Price elasticity of demand is the responsiveness of quantity demanded to changes in price. It shows…

Q: Under what demand conditions will there be no rise in price? a) zero elasticity b) infinite…

A: Elasticity is defined as a concept where the economists study the responsiveness of the quantity…

Q: Carefully explain the difference between the Law of Demand and Price Elasticity of Demand.

A: The demand curve shows the amount of goods and services that a consumer is willing to buy at…

Q: ______________ is the willingness to buy a product and the ability to pay for it. Select one:…

A: At a marketplace, willingness and ability to buy refers to an individual's ability and will to spend…

Q: .In a typical demand schedule, quantity demanded

A: To find : What quantity scheduled.

Q: Zulaikha and ker xin went to a shop to buy rice. Zulaikha wanted to buy 10 kg of rice and ker xin…

A: Price elasticity of demand refers to the responsiveness of the quantity demand due to change in the…

Q: The price elasticity of demand is used by firms to (check all that apply) O make predictions about…

A: Ques1) price elasticity of demand refers to the responsiveness of quantity demanded with respect to…

Q: What happens when there are very few substitute goods? (a) Demand would tend to be price inelastic…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: An increase in the price of a substitute shifts the demand curve to the: O Right O Left O It does…

A: When the two goods are substitutes, the goods yield almost the same level of satisfaction. So goods…

Q: 5. If a new study shows that eating dark chocolate promotes a healthier lifestyle, the…

A: Change in demand occurs due to change in non price factors like expectation of future prices, change…

Q: . Contraction of demand is the result of

A: To find : Which results in contraction of demand.

Q: Match each of the terms to their definition or description.…

A: Cross-price elasticity: - Cross-price elasticity of demand measures the responsiveness of change in…

Q: Which of the following does NOT decrease the demand for Oreos? An increase in the price…

A: There is a huge difference between the change in quantity demanded and the change in the demand for…

Q: A local pizza owner decides to hire an economic consultant to help him set his prices. Currently,…

A: Price elasticity of demand refers to the responsiveness of quantity demanded to a change in the…

Q: Which of the following would not cause a decrease in demand for potato chips? a decrease in income…

A: Demand curve Shows an inverse relationship between price and quantity demanded. It slopes downward…