If you buy less clothing because the price of clothing at your favorite store has gone up, what are you experiencing?

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: 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: 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: Your gym offers two classes at the same time:weightlifting and yoga. Both classes are includedin…

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

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: † quantity demanded is completely unresponsive to

A: Elasticity measures how much responsive the quantity demanded is towards the changes in the price of…

Q: Meaning of utility

A: It is a service that is offered to the general population, such as water, gas, or electricity.

Q: When ordering Big Macs, milkshakes, pizza, and other goods, how can you obtain the highest possible…

A: Total utility is the total amount of satisfaction received from consuming a good or service.…

Q: What are the types of utility

A: Utility refers to the total satisfaction that is derived from consuming a good or a service. Utility…

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: What is goods

A: In economics, there are two types are items sold in the market: goods and services. Both these items…

Q: An increase in Abi's income decreases her demand for DVD's. For her, DVD is [A] good.

A: Given the statement is  An increase in Abi's income decreases her demand for DVD's.  The inferior…

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: How would you define consumer behavior?

A: Consumer behaviour is very important for any firm to determine what goods and services need to…

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: utility is the additional satisfaction gained by consuming of a good.

A: In Economics, Utility is defined as the usefulness or enjoyment of a consumer which he/she gets from…

Q: What are the factors which determine the choice that a person makes between buying a Honda Accord or…

A: The demand for the commodity is directly related to the income or purchasing power of the consumer.…

Q: When a consumer is below the budget line, what does it mean?

A: According to the given question A budget line is gradually a line which have other name that is the…

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: Do you think that you could consume less by refusingto buy some of the things you regularly buy? If…

A: Consumption refers to the process by which people spend their income on the purchase of goods and…

Q: What inferior goods that people buy?

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

Q: What is Buying behavior?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

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: Define the word EMOTION and VALUE by citing your own example on how these two words are applied in…

A: The term "consumer purchases" refers to things that are utilized on a daily basis (e.g., clothing,…

Q: a full explanation about perceived enjoyment

A: Enjoyment is basically the pleasure that people get from the various activities they perform in…

Q: Total Utility:.....

A: The expenditure incurred on output production depicts the cost. The cost is of two types: Fixed and…

Q: List and define the different kinds of goods.  Give an example of each

A: Normal goods: If the demand for a good is most responsive to its price, the good is known as the…

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: 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: Drinking five glasses of water consecutively declines your utility, why?

A: Utility is referred to as the want satisfying power of the commodity. Most economic theories based…

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: How do you determine a budget for personal consumption?

A: A monthly budget is a structured financial planning tool that assists you in determining how much…

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: Focus on the maxims of Quantity, Relation, and Manner. Which maxim(s) is/are flouted when someone…

A: Cooperative PrincipleThe cooperative principle is an idea in sociology and etymology that…

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: Substitutes, complements, or unrelated? You work for a marketing firm that has just landed a…

A: Cross price elasticity of demand between two goods is the responsiveness of change in demand for a…

Q: Read the article. How important are cellphones in our lives right now? Do you ever see them becoming…

A: The advancement in technology has taken over every individual's life in today's era. Mobile phones…

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: 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: How a price change affects consumer optimum?

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

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

A: Marked up price= $102 Store is 15 minutes away from her place

Q: Total utility

A: In economics, utility refers to the complete satisfaction derived from the consumption of an item or…

Q: Summarize in a table or diagram classifying the following items: normal, inferior, luxury,…

A: The items which tend to provide utility and also helps in the satisfaction of human wants are known…

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…