Diffrentiate between Substitute goods and complementary goods.  I need 4 differences, Thanks

Q: utility

A: The Utility depicts the wants satisfy power of a commodity. It is divided in 2 parts: Cardinal and…

Q: The part of income which is not consumed is called ________

A: Savings is the left over amount from.the income which is not CONSUMED.

Q: Don Trump, a consumer in Washington, D.C. purchases a combination of products Y and Z and that the…

A: When a consumer is consuming two goods, in order to maximize the utility, the following rule must be…

Q: Pareto Efficiency

A: Pareto efficiency or optimality is one of the major criteria drawn from welfare economics for…

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: “If we take $1 away from a rich person and give it to a poor person, the rich person loses less…

A: It is given that “if we take $1 away from a rich person and give it to a poor person, the rich…

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: Choose an answer 1. Microeconomics is a branch of economics that discusses a. Market mechanism c.…

A:

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

A: We have to find complementary goods example.

Q: How would universal basic income affect consumer optimum?

A: Universal basic income is a scheme to provide a specific sum of money to all the citizens of a…

Q: c.If your goal is to eliminate target the welfare of the "average person", what sort of welfare…

A: A subfield of economics called welfare economics employs microeconomic methods to assess overall…

Q: Name any two types of consumption goods with examples

A: Those goods which have the tendency to satisfy the wants of the consumer are said to be as Consumer…

Q: Full form of GATT?

A: GATT was a legal agreement that was signed in1947 by 23 countries. It sought to reduce the barriers…

Q: Blair has vast riches and consumes thousands of dollars' worth of consumer goods each week, yet she…

A: It is a common phenomenon that the people with vast rich is also not satisfied with the consumption…

Q: If an indifference curve is a vertical line, does theamount of the good on the y -axis influence…

A: The indifference curve refers to the possible combinations of two goods that yield the same level of…

Q: what is the normal and an inferior good?

A: Economics goods are those commodities for which there is a direct relationship between the number of…

Q: Consider IC1. Good X D IC, Good Y Bundle A has the same amount of Good Y as Bundle B. Bundle D has…

A:

Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: The opportunity cost is the benefit derived from an alternative option that is not chosen.

Q: Ralph will consume any health care service just as long as its MB exceeds the money he must pay out…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: A. rational people think at the margin. В. people face tradeoffs. с. О improvements in efficiency…

A:

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: Good X D. IC2 IC • E C Good Y Moving from B to D, the person is giving up Good X and getting Good Y.…

A: Take each option one by one.. ●  YES, the moving from B to D, person is giving up the X to get the…

Q: 30. Which of the following is the highest part of Maslow's Hierarchy of Needs? physiological needs…

A: Maslow’s theory has stated that human needs can be arranged in a hierarchy.

Q: human want or need is called A. Service B. Demand C. Utility

A: So all the actual aspirations and the basic desires of the human are totally known as the human…

Q: If a consumer has an income of $100, the price of X is $2, and the price of Y is $4, what is the…

A: "Income refers to the earnings of individuals. Income may include salary, wage, dividend, rent,…

Q: David N. gets $3 per week as an allowance to spend any way he pleases. Because he likes only peanut…

A: Let X = peanut butter, and Y = jelly. Given, Px=$0.05, Py=$0.1 (a) Since David makes his sandwich…

Q: Budget constraints provide a visual image the represents what a person can afford, given the price…

A: Budget constraint shows the amount of two goods  with given set of income that the consumer can…

Q: Question 3 Economists identify the satisfaction a person derives from the consumption of goods and…

A: I have only mentioned the answer below as you have asked.

Q: The rate at which a consumer must give up y to get one more x is equal to * 2 points…

A: Option (a).

Q: Goods which can be used on place of each other are called __________ goods

A: Depending upon the cross price elasticity of goods, goods can be of two types:- (A) Complementary…

Q: what is a normal good?

A: Goods refers to the goods which are purchased by the consumer to satisfy their wants. Inferior goods…

Q: Goods that satisfy humans wants though their direct use or consumption are called _______?

A: According to the given question In simple words the consumption in economics is basically known as…

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: Describe the Giffen good and give an example.

A: The goods are those satisfies the human wants and provides satisfaction to the consumer who consumes…

Q: Positive statements are __________. a. Statements of opinion and emotions b. Subjective statements…

A: Economics is a very vast field, or an area of study. The economics as a study is divided into…

Q: What makes comsumers to take choices

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores…

A: The individual needs 15 minutes to travel from her office to the store in order to purchase the…

Q: other goods

A: The law of demand depicts rise in price cause fall in quantity demanded or vice-versa, keeping…

Q: What is complementary goods

A: In an open economy, there is a free flow of production of goods and services. All types of goods are…

Q: Elisha is starting a tuxedo rental business and plans to charge $80 for the first day plus an extra…

A: Income for the first day -$80 is the fixed income Let the number of days be represented by D where…

Q: When a pure pubic good is consumed Penggunaan sesuatu barang awam tulen a. this excludes other…

A: Public goods and the problem of free riders are related. Under the free rider problem, some people…

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: A community is considering how to allocate expenditures between education and other goods. a) Draw…

A: The budget constraint refers to the budget line that shows the combination between two goods or…

Q: Do the equations state that good A is a normal good? Yes or no. Defend your answer.

A: The demand for goods, and services comes from the buyers, or consumers. The markets tend to work…