Q: How does a consumer determine how much of a good he or she will buy?

A: Consumer- Consumer is a person who purchases goods and services for the maximum satisfaction of…

Q: As a consumer, how can you sustain your needs (basic commodities) despite the challenges in…

A: Answer- Need to find - Ways to utilize your income to satisfy your demands at the most affordable…

Q: If a household’s marginal utility from some good falls very rapidly as it consumes more of it, is…

A: Before answering the question , we need to know about the terms  Marginal Utility and Price…

Q: Would you expect marginal utility torise or fall with additional consumption of a good? Why?

A: The utility is something that a consumer gains after consuming a good or a product. It is measured…

Q: Differentiate between normal goods and inferior goods

A: Normal Goods: - Normal goods are those goods whose demand increases when the income of the consumer…

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: Which of the following would be an example of a complimentary good in relation to a Honda Accord…

A: The goods that are used together are termed as complementary goods.

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: Popeye's income declines, and as a result, he buys more spinach. Is spinach an inferior or a normal…

A: Normal goods are those good which increases the demand for good when the income of the consumer…

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: The effect of a decrease in the price of food, as depicted in the figure, leads us to believe that:…

A: A Giffen good is non luxury product for which demand decreases as the price decreases and vice…

Q: What is an inferior good?

A: An inferior good is a type of good which is consumed less when the income increases. For example -…

Q: What is the difference between the income effect and the substitution effect of aprice increase for…

A: Income effect shows the impact increase in the purchasing power on consumption, whereas substitution…

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: Can a good be both a complement and a substitute at the same time? If so, provide an example. If…

A: Complementary goods are those which create demand for each other and are of no use alone so that…

Q: It is a set of those combination of two goods which offer the consumer the same level of…

A: It is the Indifference set which act as an combination of the two goods which actually offers the…

Q: , what would be the new price of Shirts while Leyla consumes at point B?

A: The budget line shows the bundles which exactly exhaust the income(M)of the consumer. Here there are…

Q: how do I illustrate an increase in a price of an item resulting in consumers buying another item

A: Law of demand says the more of goods is purchased at low price and vice versa keeping other factors…

Q: Shiela bought a new phone and paid $10,000. This means that her marginal utility from this new phone…

A: Here, it is given that Shiela bought a phone and she paid $10,000 for the phone.

Q: When the consumer buys 60 units of quantity of goods at a price of 3 per unit what would be the…

A:

Q: A) hot dogs are an inferior good, but not a Giffen good, for all levels of income. B) hot dogs are a…

A: Giffen  is just inferior goods. When  income effect  becomes greater than substitution effect…

Q: What inferior goods that people buy?

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

Q: Identify the type of goods which have negative income demand. a. Substitute goods b. Inferior goods…

A: Substitute goods are those goods which can be used alternatively or in place of each other and get…

Q: Akram spends all of his income on food and clothing. When the price of clothing decreases, he buys…

A: Income effect: It refers to the change in the preference or the demand of the consumers due to the…

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: Use the following information and calculate price elasticity of laptops.  At Price = $650, Quantity…

A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…

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: Define the term substitute goods.    Please explain in details.

A: In economics, goods are things that fulfill human needs and offer utility, such as a customer buying…

Q: What happens to consumption of a normal good when its price increases?

A: Normal goods are those whose demand increments as individuals' purchasing power and incomes rises.…

Q: A consumer is in equilibrium when marginal utilities are

A: To find : When will consumer in equilibrium.

Q: I can't take another bite relate to utility

A: Utility is the level of satisfaction that a person gets by consumption of a good.

Q: State any two reasons for why a consumer buy more at a lower price

A: The inverse relationship between price and the quantity demanded is given by the law of demand and…

Q: It is a set of those combination of two goods which offer the consumer the same level of…

A: The consumers are considered to be one of the most important entity in an economy. The consumers…

Q: other goods

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

Q: Which is more important to you, health or unlimited supply for your wants

A: Supply: It refers to the goods and services supplied in the economy to fulfil the demand of people…

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

A: # Based on the usage and how the demand of goods change in response to change in price of the other…

Q: For most goods if a consumer's income increases his demand for the goods will do what?

A: Consumers use their income to purchase goods and services. In consumer demand theory, the level of…

Q: How a price change affects consumer optimum?

A: In consumer's equilibrium, consumer optimum means getting a maximum level of satisfaction after…

Q: In what way may the income of the consumer affect his buying behavior?

A: The income of the consumer is the amount that the consumer has to spend on various goods and…

Q: What happens to the utility we get from each additional unit we consumed?

A: Utility refers to the want satisfying capacity of the individuals that includes the consumers those…

Q: Marginal Utility of X (units of utility) Marginal Utility of Y (units of utility) Price of X ($) 12…

A: Answer to the question is as follows: