If you are selling Mercedes-Benz cars in your showroom, what product "substitutes" are available to your prospective customers?

Q: Given the three demand curves listed below which one of the three indicates the largest quantity of…

A: We define demand as the quantity demanded of a good at different level of prices given the price of…

Q: Two reasons why suppliers tend to supply less at lower prices

A: According to the law of supply there is a direct relationship between prices and quantity supplied…

Q: If more and more demanded at the same price it is known as extension of demand.  True or false

A: # If the price of the commodity changes then this is known as change in quantity demanded. This is…

Q: If the price of X decreases and this decreases the demand for Y, then

A: If the quantity demanded of a commodity decrease due to change in the price of another commodity is…

Q: For an inferior good, the quantity demanded

A: Demand for inferior goods are depending upon consumer's income.

Q: If two supply curves in an economy intersect which one will have a higher price elasticity?

A: According to the given question A supply curve can be defined as a curve which causes different…

Q: Is there something unique or distinctive about the product or service that separates it from…

A: Product differentiation is a marketing strategy that seeks to differentiate the products or services…

Q: If two goods are complements, a decline in the price of one will cause an increase in the demand for…

A: The cross elasticity shows the response of the change in the price of one commodity on the demand of…

Q: Two goods are said to be substitutes if an increase in income results in a decrease in demand. True…

A: A normal good is one whose consumption increases when income increases. The demand curve for a…

Q: Evaluate the behavior of consumers in terms of the demand for products

A: The economy consists of the various economic agents which would result in the producers, consumers…

Q: Why does the movie theater charge matinee customers a lower price than the night time customers?

A: The movie theater charge matinee customers a lower price than the nighttime customers because the…

Q: 1. The movement from point A to point B on the graph is caused by   a.  an increase in price.   b.…

A: Demand is made of different combinations of price and quantity demanded.

Q: If market demand has increased at every price, shifting the demand curve to the right, a possible…

A: The law of demand states that there is an inverse relationship between price and quantity demanded…

Q: Why do suppliers want to create more inelastic demand relationships in the products that they sell?

A: The markets are the place where the buyers and sellers of goods, services, investments, assets, and…

Q: Which products are for you not price sensitive, so that you would buy them even if the price…

A: Price sensitive refers to the situation where the changes in price leads to affect the quantity of…

Q: How would marginal utility and market demand be affected by a rise in the price of a contemporary…

A: A complementary product is a product or service that adds value to another product or service. In…

Q: Explain why you think that the demand of one product may diminish as prices are increased

A: As per Law of Demand, the demand of any good decreases with increase in price given other…

Q: This is a difficult question. Take your time to match the term to its definition or description.…

A: Complement : B. EXY< 0 Inferior good : A. E1< 0 Normal good : C. E1> 0 Substitute : D.…

Q: What effect will each of the following have on the demand for small automobiles such as the Mini…

A: ANS Inferior Goods are those goods whose DD (demand) increases when income rises and vice versa. If…

Q: There was a new store that opened besides your store if the cross elasticity for both of you is…

A: The cross price elasticity measures the relationship between demand for one good and the price of…

Q: Suppose that the price of corrugated cardboard boxes rises by 20 percent and the quantity supplied…

A: Elasticity of supply depicts how much producer responds with the change in the price level.

Q: You are the curator of a museum.  The museum is running short of funds, so you decide to increase…

A: The decision of the curator of a museum will be based on the price elasticity of demand. The price…

Q: If new substitutes are developed for a product, what will likely happen to the demand curve for that…

A: The price elasticity of demand measures the responsiveness of the quantity demanded of a good or…

Q: explain the inportance of demand analysis to business

A: Analysis of demand means acknowledging the demand of consumers in a given market for a product or…

Q: If price and total revenue move in the same direction, then demand is

A: To find : Effect on demand

Q: Refer to the table below to answer the questions. Use the mid-point formula. $4 10 B 9. 7 6 Demand 1…

A: Since you have posted a question with multiple parts, we will solve only the first part. To get…

Q: Comment on the Elasticity of demand for a good having high number of substitutes

A: The concept of elasticity of demand for any good is a measure and indicator which shows how the…

Q: Why is a firm willing and able to increase the quantity supplied as the product price increases?

A: The law of supply states that ceteris paribus, as the price of the good increases, the quantity…

Q: Agree or disagree, a decrease in supply causes the price of coffe to fall

A: The supply (ss) of a good refers to the quantity that the producers are willing to sell at a…

Q: Has Cath Kidston executed value-based pricing, cost-based pricing or competition-based pricing?…

A: Cath Kidston Ltd is a UK-based company which understands that sometimes it tends to pay  in order to…

Q: If new substitutes are developed for a product, what will likely happen to the total revenue…

A: The goods are the commodities that satisfy the needs of the individuals and provide satisfaction to…

Q: Suppose you are a business owner. Discuss how you would use various demand elasticities (own-price,…

A: In a market, a business owner has to deal with various market factors that cannot be controlled and…

Q: A person who has an addiction for a production will most likely have * an elastic demand for that…

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

Q: You are the marketing manager of a farm. How will you transform its price elastic products, such as…

A: Price elasticity of demand is an economic variable that measures the responsiveness of quantity…

Q: If the demand for coffee decreases as income decreases, coffee is a(n): complementary good.…

A: Two goods are said to be complementary when they are jointly demanded. Example Bread and butter.…

Q: How can the owner of The Burger Barn determine if a one-day promotional sale on milkshakes will…

A: We know that there are two types of related goods . One of them is complimentary goods which are…

Q: What is the best price that producer must determine so as to achieve maximum revenue

A: Total Revenue is the product of the number of units sold multiplied by the price. Similarly, the…

Q: Other things remain unchanged, the demand for normal products is expected to increase when buyers'…

A: there is relation between the demand and income so we can choose the correct option as follow-

Q: Mandy has a lemonade stand. Her mother pays for all of her supplies, so she only cares about…

A: In a market, a firm uses different approaches to analyze their benefit from making economic…

Q: Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf.  Your chief economist tells…

A: Formula;  P = MC / (1 + 1/ed)

Q: If new substitutes are developed for a product, what will likely happen to the demand curve for that…

A: An increase or decrease in the price of substitute goods directly affects the demand for a given…

Q: Which of the following conditions would result in a higher price elasticity of demand? a longer…

A: Elasticity of demand refers to the measure of responsiveness of quantity demanded with respect to…