Compare and contrast the changes in the price of basic commodities like rice and food products, to that of other products like oil and electricity. What factors  brought about these changes?

Q: If there price of apples is R5 each and the price of Orange is R10 each? Explain what the absolute…

A: The following problem has been answered as follows:

Q: Illustrate the appropriate change and specify whether each change represents an increase or a…

A: If a product or service appears to be similar enough to another to be considered a substitute or…

Q: Is sugar and tea Substitute goods?

A: In a market, two goods, which are related to each other, can be complements or substitutes of each…

Q: What is the objective of the price change?

A: Price change shows that how during a trading period, there is a difference in price of the same…

Q: ow has the supply and demand for a specific product affected your or your family’s purchasing…

A: The market is place of an interaction between the byers and sellers which strike between one another…

Q: law of demand states that: a. As price fall, quantity demanded is constant, other things remain the…

A: Law of Demand: Alfred Marshall stated that price and quantity demanded of  commodity have negative…

Q: Tomato sauce is a compliment for hot dogs.If the price of hot dogs rises, what happens to the market…

A: Answer: Introduction: Complementary goods are those goods that are consumed together like hot dogs…

Q: respect $42, and $56. (Show all your work) a. What is the relative price of X in terms of Y? b. What…

A: Relatively price a good to another good= = Price of good X / price of goodY.

Q: The absolute prices of goods X, Y, and Z, respectively, are $23, $42, & $56. (a) What is the…

A: Definition A relative price is defined as the price of a good or a commodity in terms of another…

Q: NOTE: You should answer each question by providing “(only) one” relevant diagram. 1. The economy…

A: We are authorized to answer one question at a time, since you have not mentioned which question you…

Q: Tomato sauce is a compliment for hot dogs. If the price of hot dogs rises, what happens to the…

A: Since tomato sauce is a compliment for hot dogs they both used together. When the price of hot dogs…

Q: What is diminishing prices?

A: The law of diminishing price is a hypothesis in financial aspects that predicts that after some…

Q: Would you expect supply to play a more significant role in determining the price of a basic…

A: Demand for a necessity good is inelastic because a change in it's price, brings about less than…

Q: One of the goals of macroeconomics is to understand how the price of a particular good, such as blue…

A: GDP is the final value of goods and services produced in the economy within a given period of time.

Q: Consider the market for gas in the US. Suppose that due to Covid-19 that there is a fall in the…

A: When the price of oil falls due to Covid-19 which is used to produce gas, this leads to an increase…

Q: In the country of Solow, people buy only three things: food, rent, and luxury goods. Last year, the…

A: Answer: It is given that the price of luxury goods went down and the price of rent increased 5%. The…

Q: New cars are normal goods.  What will happen to the equilibrium price of new cars if the price of…

A: Normal goods are those goods of which quantity demanded increases as price falls and quantity…

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: Akua gets a research grant and her income increases to GHS 800 per month. What is the new equation…

A: In economics, a budget constraint represents all the combinations of goods and services that a…

Q: The graph is in the image What is the relationship between quantity supplied and price? A)Negative…

A: The demand curve depicts the relationship between price and quantity demanded The supply curve…

Q: What are Substitute goods? Are butter and bread Substitute of each other?

A: # Pairs of goods are either substitute ( Used in place of each other ) or they are complement ( used…

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: At a given quantity supplied, what does the supply curve show?

A: Supply refers to the complete amount of a particular product or service that is available to…

Q: What refers to the quantity of goods and services that consumers are willing to buy at a given…

A: Willingness and ability both are required in order to be able to purchase a good.

Q: In PPP what do you think will happen if there is a discrepancy in the prices of identical…

A: The Purchasing Power Parity theory suggests that if there are any changes in the actions of those…

Q: Which of the below pictures represents an decrease in the price of H? A. T () B H. (#) B. T. (#) (#)…

A: The measure that depicts the quantities being demanded by consumers of a good at various levels of…

Q: Do you think that the increase in the price of rice also increases the income of the agri-farmers?

A: No, changes too small.

Q: As Sandi's income rises, her demand for popcorn rises. As Mark's income falls, his demand for…

A: In an economy there exist certain types of goods that individuals consume based on their income,…

Q: Ive asked this before but the answer wasn't what I was looking for- for the price of fertilizers…

A: Fertilizers that are produced by using petrol as a key component are known as synthetic fertilizers…

Q: Explain how oil plays a role in the price of fertilizer. keep in mind-how oil plays a role in the…

A: Oil plays very important role in current world economy. For production of any good inputs are…

Q: What is an example of a change in relative price compared to a change in general price?

A: Relative price is the price of a good and service in terms of price of another good and service. In…

Q: Carefully explain why an increase in the price of commodity X will not result, ceteris paribus, in a…

A: In a market, there are various  determinants that influence the demand for a good such that income…

Q: What is the effect on the equilibrium price and quantity of orange juice of the following events if…

A: In general, when there is an excess supply of products or services, prices fall, resulting in…

Q: Describe the role of prices in the market economy?

A: Market economy: the production of goods and services is directed by the laws of supply and demand in…

Q: On the Appropriate diagram ,show what happens to the market for pizza if the price of tomatoes…

A: When there is a change in price of the good, it leads to movement along the demand or supply curve.…

Q: Ketchup is a complement as well as a condiment for hot dogs.If the price of hot dogs rises,what…

A: Complementary Goods are defined as those goods that are demanded together. Two goods are considered…

Q: How does oil play a role in the price of fertilizer?

A: Demand represents the volume of goods and services that the consumers are willing to buy at…

Q: what are an appropriate measure of how sensitive the quantity demanded is to changes in price,…

A: The Elasticity of demand is the economic factor which measure the sensitivity of the change in…

Q: Bread and butter are Substitute goods True/False

A: # Goods are considered to be as complement goods if they are used together to satisfy a want. On the…

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: The relationship between quantity supplied and price is _____ and the relationship between quantity…

A: In a market, the consumers are the ones who demand goods and services and the producers are the ones…

Q: Describe how the change in price affect the quantity demanded, draw a demand curve on price-quantity…

A: An increase in price decreases quantity demanded, causing an upward movement along demand curve. In…

Q: An economist is interested in how the price of a certain item affects its monthly sales. At a price…

A: a) Suppose q=D(p), p is the price and q is the item sold, the statement D(500) = 2,000 indicating…