What are Substitute goods? Are butter and bread Substitute of each other?

Q: coke and pepsi are substitute goods. if the price of coke skyrockets, then the demand for pepsi…

A: Two goods are said to be substitute goods when one good can be used in place of other. Price and…

Q: Assume coke and diet coke are substitutes for consumers. What would happen to the  equilibrium…

A: Substitute Goods: The goods that can be substituted for one another are known as substitute goods.…

Q: Is sugar and tea Substitute goods?

A: In a market, two goods, which are related to each other, can be complements or substitutes of each…

Q: For each of the following pairs of goods, identify if they are substitutes or complements and use a…

A: Answer to the question is as follows:

Q: Which will change only the quantity demanded of oranges?    A) an increase in the population   B) a…

A: Change in demand implies that the demand curve is either shifting to the right or left. This occurs…

Q: In an analysis of the market for paint, an economist discovers the facts listed below. State whether…

A: Demand: It refers to the desire of the consumer for purchasing goods and services and his…

Q: What is diminishing prices?

A: The law of diminishing price is a hypothesis in financial aspects that predicts that after some…

Q: What is law of supply? And what are the assumptions of the law of supply?

A: The number of units of a good that a producer is willing to sell in the market at different prices…

Q: What can we expect to occur to hot dog buns if the price of hot dogs were to decrease?

A: Law of demand - If other things remains constant, decrease in price of a good will increase the…

Q: Explain the difference between a change in supply and a change in quantity supplied.  What causes…

A: Supply is defined as the amount of a good or service that the suppliers are able and willing to…

Q: If the price of a product decreases by 10 percent and the quantity demanded increases by 5 percent…

A: Price Elasticity of Demand measures the percenatge change in quantity demanded due to percentage…

Q: According to the graph above, what is the quantity supplied and quantity demanded at $50 QS= 120 and…

A: Given: Graph of Market for smartphones data plans is given. The price with price flooring is $80 and…

Q: What is a supply table? How do you obtain a supply curve from a supply table?

A: Supply table is a schedule or a tabular statement which gives different quantity supplied of a good…

Q: When and economist says the demand, for a product has increases, he or she mean that a) consumers…

A: When there is a change in the price of the good, it causes moment along the demand or supply curve…

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: Assume coke and Diet Coke are substitute for consumer. What would happen to the equilibrium prices…

A: As coke and diet coke are substitute goods for a consumer they will have a inverse correlation…

Q: The graph is in the image What is the relationship between quantity supplied and price? A)Negative…

A: The demand curve depicts the relationship between price and quantity demanded The supply curve…

Q: When you make a graph of a supply curve, what do you measure on the y-axis? How does Aqua's quantity…

A: A supply curve shows the relationship between the quantity supplied and the price of the good. The…

Q: Would you expect supply to play a more significant role in determining the price of a basic…

A: Supply plays a more significant role in determining the price of basic necessity goods. As necessary…

Q: When due to change in price of a good, total expenditure on the good remains unchanged, then demand…

A: # If we talk about a rise in price of a good whose demand is elastic then in that case the total…

Q: In the market for Pepsi, what happens when the price of Coke (a substitute) goes up?  Graph the…

A: Substitute goods are those goods which can be substituted for each other that is they can be used in…

Q: How are price of X (Px) and quantity supply (Qs) related

A: Answer to the question is as follows:

Q: Assume that the price of crisps rises while the equilibrium quantity falls. Explain in each of the…

A: In the free market, the equilibrium price and quantity is determined by the forces of demand and…

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: 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: Do you agreee that when the price of petrol rises, the demand for cars decreases.

A: The buyers are the entities, who interact with the sellers in the market and trade with them. The…

Q: If a decrease in the price of laptops causes thedemand for cell phones to increase, are laptops…

A: The quantity of a product that the consumer decides to purchase can increase or decrease with the…

Q: If bread and butter are complements then what will happen if there is an increase in the price of…

A:

Q: The relationship between quantity supplied and the price is and the relationship between quantity…

A: The Law of demand is that when other things are constant an increase in price decreases quantity…

Q: What makes demand curves slopes downwards?

A: The law of demand shows the negative relationship between price of the good and its quantity…

Q: What is the equilibrium price and the equilibrium quantity?

A: The equilibrium price is the market cost where the amount of products provided is equivalent to the…

Q: Given the graph below, what is the equilibrium quantity and price?

A: An equilibrium price is a price at which the demand curve and supply curve are equal. At this…

Q: What causes the market demand for a commodity to increase (i.e., causes the market demand curve to…

A: As economies and societies developed, the study of economics got more complicated. Hence, as a…

Q: What are the effects on the equilibrium price and quantity of chips if information becomes available…

A: at equilibrium level the market forces interacts and determines the price level when demand and…

Q: What is the effect on the equilibrium price and quantity of orange juice of the following events if…

A: In general, when there is an excess supply of products or services, prices fall, resulting in…

Q: Based on the diagram, are beer and pretzels complements or substitutes?

A: Complementary commodities are those commodities which are used together. When the price of one good…

Q: Define equilibrium quantity?

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Pizzas are less expensive than they used to be. Draw the two different graphs, shifting D or S,…

A: The Price is decided by the intersection of demand and supply forces. Any change in either demand or…

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.…

Q: kindly give the relevant term or concept A situation where the quantity supplied of a good is not…

A: "When quantity supplied of a good is less sensitive to a change in the price of the good this means…

Q: what are an appropriate measure of how sensitive the quantity demanded is to changes in price,…

A: The Elasticity of demand is the economic factor which measure the sensitivity of the change in…

Q: Is bread and butter Substitute goods?

A: First let's understand what are substitute goods. The goods which can be replaced with each other to…

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…