The price of a DVD rental is 1.50 dollar and the price of a downloaded movie is $1. What is relative price of downloaded movie.

Q: If there price of apples is R5 each and the price of Orange is R10 each? Explain what the absolute…

A: The following problem has been answered as follows:

Q: what does it mean when we say price changes? in economics

A: Price refers to the value of goods and services in monetary terms. In general, a change in price…

Q: Alexander has MUx = 2x and MUy =YX, the price of X is 2, the price of Y is 3, and an income of 33.…

A: Utility maximization: It is an economic condition which states that rational consumers through their…

Q: Because consumers purchase either Coke or Pepsi, economists call these “inferior” goods.   Select…

A: Given: Consumer purchases either coke or pepsi thus it is inferior good.

Q: Tomato sauce is a compliment for hot dogs.If the price of hot dogs rises, what happens to the market…

A: Answer: Introduction: Complementary goods are those goods that are consumed together like hot dogs…

Q: If the price of one good changes, what happens to the relative price and the slope of the…

A: The budget line shows the combination of two goods that can be be purchased by the consumer given…

Q: If the price of chicken rises by 4%, the quantity of beef demanded would by %. rise

A: Price elasticity of demand refers to the % change in quantity demanded due to the % change in the…

Q: Consumers eating higher food costs The price of milk rose about 21% from July 2006 to July 2007. At…

A: Equilibrium in the market occurs at the intersection of demand and supply curves where quantity…

Q: A consumer is in equilibrium at point A in the accompanying figure. The price of good X is $5.  What…

A: The measure that depicts intersection of demand curve and supply curve in the economy is known as…

Q: Tomato sauce is a compliment for hot dogs. If the price of hot dogs rises, what happens to the…

A: Since tomato sauce is a compliment for hot dogs they both used together. When the price of hot dogs…

Q: Suppose the price of a football is $20 and the price of a basketball is $10. The ___ of a football…

A: Given price of Football = 20 dollars Given the price of basketball = 10 dollars. Relative price of…

Q: Q1. Suppose the income of consumer rises, what happens to equilibrium price and quantity of Pizza? […

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

Q: Assume that dusty has $30 in income, the price of a loaf of bread is $1.50, and the price of a jar…

A: A budget constraint is when a consumer is limited in consumption patterns due to a certain level of…

Q: (A) (B) хо (C) (D) Etudy the graphs given above and answer the following questions. Justify your…

A: Budget line shows the combination of the two goods that the consumer can buy given the prices of the…

Q: . For goods, increase in income leads to increase in demand.

A: To find : What leads to increase in demand.

Q: Are coffee and tea Substitute goods or compliment goods? Why?

A: # Goods which can be used on place of each other are said to be as substitute goods and the goods…

Q: Harry consumes 2 goods, and he spends Nobo r month The of per is N$4 and the price price good Yis…

A: According to the question given that  U(X, Y) = 0.5XY Px = N$4 Py = N$10 I = N$60 So the budget line…

Q: When a cold snap hits Northern areas of Pakistan, the price of orange juice rises in supermarkets…

A: Equilibrium is attained in the market at the point where the demand and supply curves intersect each…

Q: What happens in the graph when the price of bottled water rises?

A: The demand curve does not shift when there is a change in quantity demanded because of the change in…

Q: Raj has MUx = 4Y and MUy = X, the price of X is 2, the price of Y is 3, and an income of 60. Find…

A: The consumer would result in the maximisation of the utility given the budget of the consumer. The…

Q: Consumers eating higher food costs The price of milk rese about 21% from July 2006 to July 2007 At…

A: Given:- Increase in price milk= 21% A rise in gasoline prices would raise demand for ethanol. Corn…

Q: The two goods are crayons (Y-axis) and markers (X-axis) In the country of Dreamland, the slope o the…

A: Given,  One Country : DreamlandProduces Two goods : Crayons (Y-axis) and Markers (X-axisIn…

Q: When Firm X increased the price of Good A by 8%, the sales of Good A decreased by 20%, while the…

A: Money has been evolved from long time ago and since the ages. It is currently used in the form of…

Q: Presently the real income of households are decreasing what do you think will happen to the demand…

A: Goods for which the demand moves in the same direction as the income of the individual are normal…

Q: You have just opened a new grocery store. Every item you carry is generic (generic beer, generic…

A: The new store will be carrying generic items, i.e, beer, bread, chicken etc. These products have…

Q: Each week a person buys 4 units of good A, 5 units of good B, and 6 units of good C. In week 1 the…

A: Cost of basket of goods in week 1 = (Number of units of good A x Price of good A) + (Number of units…

Q: The price of a DVD rental is 1.50 dollar and the price of a downloaded movie is $1. If the price of…

A: Initial DVD rental price = $1.50 Final DVD rental price = $2 Price of download movie = $1

Q: If price of beef burger falls, what happens to equilibrium price and quantity of pizza? (Beef burger…

A: A product is considered to be in equilibrium quantity when there is no shortage or surplus on the…

Q: Which of the following is true regarding income along a price-consumption curve? A. Income is…

A: Price consumption curve depicts the change in quantity consumed as the price of good changes,…

Q: People buy more of Pepsi when the price of Coke rises. These goods are

A: 1. Substitute goods - These are the goods which can substitute each other i.e. we can use one good…

Q: Why we need to estimate the economic prices of tradable goods? Kindly cite an example of a tradable…

A: Economic prices assist organizations with making due during seasons of monetary insecurity, as it…

Q: Orange 10 Apple 5 6 9 Refer to figure. Suppose a consumer consumes 9 units of apple at the initial…

A: The quantity of an item required by consumers at a certain price for a specific period is referred…

Q: Explain how oil plays a role in the price of fertilizer. keep in mind-how oil plays a role in the…

A: Oil plays very important role in current world economy. For production of any good inputs are…

Q: What is an example of a change in relative price compared to a change in general price?

A: Relative price is the price of a good and service in terms of price of another good and service. In…

Q: If the price of a candy bar is $1 and the price of a fast food meal is $5,A) the money price of a…

A: A price is the amount of money or reward in exchange for one unit of products or services provided…

Q: If the price of potatoes rises by 20%, the quantity of beef demanded would fall by | %

A: Own price elasticity of demand refers to the % change in the quantity demanded due to the % change…

Q: While visiting family in Mexico, your professor has a budget of $ 255 ($ = pesos) that he spends on…

A: Here we calculate number of shots purchase by professor by using the given information so the…

Q: When does a consumer buy more quantity of a commodity at a given price? give three points.

A: # The law of demand states that demand and price move in opposite direction. There is an inverse…

Q: ) Listen The following diagram depicts: Good B Good A OA decrease in the level of income. OA…

A: When the demand for a commodity increases or decreases because of the change in the price of the…

Q: of good is an example of Substitute goods:- (a) Fountain pen and ink (b) juice and cold drink (c)…

A: Substitute goods are those goods which can be used in place of one another as they have the same…

Q: If butter is the product, what happens when the price of magarine goes up?

A: Butter and Margarine are substitute goods for consumers.  Substitute goods are those goods that are…