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Q: SUBSTITUTES AND COMPLEMENTS For each of the following pair of goods, determine whether the goods are…
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Q: Which of the following is an example of Substitute goods (1) tea and sugar (2) tea and coffee (3)…
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Q: Consider the market for lattes What would happen to the equilibrium price and quantity of lattes if…
A: The answer is - The equilibrium price would decrease, and the equilibrium quantity would increase.
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Q: QUESTION 28 Suppose buyers of computers and printers regard the two goods as complements. Then an…
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Q: income increases to $1,500 , he consumers 60 units of good A and 40 units of good B. Which of the…
A: Income elasticity of demand depicts how much consumer responds with the change in his income.
Q: Which of the following pair of goods are Substitute goods:- (A) Bread and butter (B) Tea and sugar…
A: # substitute goods are those goods which have common uses and can be used on place of each other.…
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Question- Which of the following pairs of good is an example of Substitute goods:-
(a) Fountain pen and ink
(b) juice and cold drink
(c) Bread and butter
(d) Cellphone and simcard
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- Question 34 Stephanos spends all of his $500 allowance on slices of pizza and gas for his pickup truck. He spends eighty percent of this on pizza and the rest on gas. Because of a shortage of gas, the price of gas increases by 40%. This makes his consumption of gas (measured in gallons) fall by 20%. If he keeps spending all his money on pizza and gas, what is the percentage change in his consumption of pizza (measured in slices)? does not change 2% increase 3% decrease 4% increase 1% decreaseQuestion 16 Which of the following goods are likely to be considered complements? a) Peanut butter and jelly b) Coke and Pepsi c) Gasoline and diesel fuel d) Sprite and 7-UpQuestion 1 Equilibrium in the goods market exists when production, Y, is equal to the demand forgoods, Z.Explain the determination of equilibrium output in the goods market, use relevantalgebra and graphs.Your discussion should include the following concepts• Consumption Spending• Investment Spending• Government spending
- Mr Adam was purchasing 1 kg daal and 6 kg rice. This week Mr Adam is purchasing 2 kg daal and 5 kg rice. What can you conclude from the given information? Discuss all conclusions in detail.Which of the following pair of goods are Substitute goods:- (A) Bread and butter (B) Tea and sugar (C) Pen and ink (D) None of the aboveQ1. If price of cheese rises what happens to equilibrium price and quantity of pizza? (Cheese is considered as ingredient)
- Q1. Suppose the income of consumer rises, what happens to equilibrium price and quantity of Pizza? [ Pizza = Normal good] Q2. Suppose the income of consumer rises, what happens to equilibrium price and quantity of Pizza? [ Pizza = Inferior good]Explain the impact of the change in consumer's income on the demand of goods and services.Paul consumes cheese and wine and his income is $200. Is it possible that when the price of one pound of cheese is $5 and the price of wine per glass is $5, Paul consumes 10 glasses of wine and 30 pounds of cheese per week, but when the price of one pound of cheese is $2 and the price of wine per glass is $10, Paul does not consume any cheese and spends all of his income on wine?
- 19. Presently the real income of households are decreasing what do you think will happen to the demand for normal and inferior goods. Explain.Income of a person is Rs.8000 and he uses 60 units of a commodity. 1. Calculate income elasticity of demand when the income increased by 30% and consumption of the good is decline by 50%. Also calculate 2. New income 3. New consumption 4. Nature of good2. Place the following goods and services into pairs of likely substitutes and pairs of likely complements. (You may use an item in more than one pair.) The goods and services are: coal, oil, natural gas, wheat, corn, rye, pasta, pizza, sausage, skateboard, roller blades, video game, laptop, iPod, cell phone, text message, email, phone call, voice mail
