Q: If the price of a good is above equilibrium price then,
A: Market equilibrium is a stable situation in which the quantity demanded by the consumers and the…
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A: A demand shifts if there is a change in the components of demand and the expectation is a component…
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A: Part 1Consumer will consume a good till a point where market price is less than or equal to the…
Q: What is known as the cross demand And what are the complementary goods explain?
A: Cross Demand Cross demand is a term used in economics to describe how responsive a change in…
Q: What if the price at a given time was less than the equilibrium price?
A: Equilibrium occurs at that point where quantity demanded is equal to quantity supplied. The price at…
Q: Why an equilibrium is defined as a price?
A:
Q: If the good is an older used version of the IPhone, .e.g. the IPhone 5 which costs less than $100 on…
A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…
Q: What do you mean by an inferior goods give some examples?
A: According to the given question A good is basically said to be a inferior in a generally related…
Q: What does a downward-sloping demand curve mean about how buyers in the market will react to a higher…
A: A downward-sloping demand curve means that buyers in the market will decrease the demand and…
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A: Complementary good is defined as the good that would be appealing to the large part of consumers…
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A: ‘Equilibrium’ refers to the situation where quantity(Q) demanded equals quantity(Q) supplied. The…
Q: For an inferior good, the quantity demanded
A: Demand for inferior goods are depending upon consumer's income.
Q: Explain any 5 (five) factors that will lead to a decrease in supply of a good
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Q: Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: •x…
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Q: What's the difference between economic equilibrium and market equilibrium? Please give the most…
A: What's the difference between economic equilibrium and market equilibrium? Definition of Market…
Q: Calculate consumer surplus based on a graph or table.
A: Consumer Surplus refers to the difference between what the consumer is willing to pay and what he…
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Q: If the economy goes into recession and income falls, what happened to inferior goods?
A: Inferior goods: The inferior goods are those goods whose demand increases when consumers’ income…
Q: Which one of the following pairs of commodities is an example of substitutes?
A: To find : Example of substitutes.
Q: If the quantity demanded of good X decreases, then: *
A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…
Q: Give one reason for decrease in supply of a good
A: Decrease in supply depicts change in "supply" and not quantity supplied. The decrease in supply is…
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Q: What is equilibrium price and equilibrium quantity in economics.
A: In simple words we can say that a equilibrium price is a price where actually it is a point where…
Q: Based on this graph,Calculate the consumer surplus from 500 pairs of shoes?
A: Consumer surplus is the measure of the price of a consumer's willingness to pay less actual price of…
Q: What is the market equilibrium quantity
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Q: As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units…
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Q: Which of the following would cause both the equilibrium price and equilibrium quantity of number two…
A: Answer: Correct option: (b) a decrease in consumer income Explanation: An inferior good is a good…
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A: Inferior goods: Inferior goods are referred to as those goods whose quantity demanded increases with…
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Q: Discuss it in your own understanding and then give example each of the following: Consumer and…
A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Identify the two goods which are substitutes. Good X and Good Y It is not possible to…
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Q: How price equilibrium is achieved?
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Q: Can consumer surplus be zero? If yes then in what scenario does this happen?
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Q: What is the difference between substitutes and complements? Indicate two goods that are substitutes…
A: Two goods are said to be substitutes of each other if they can be easily replaced with each other.…
Q: All goods, normal or inferior, satisfy the Law of Demand. Justify and explain.
A: The demand and supply model is used to determine the equilibrium price of a good. The market forces…
Q: Explain how the conditions for consumer equilibrium help to support the law of demand. Give an…
A: The law of demand says that there is an inverse association between the price of a service and…
Q: Which will cause the demand curve for an inferior good to shift in? 1. decrease in income 2.…
A: A demand curve is the graph between quantity demanded of a good at different prices of that good.
Q: If the price of a product is below the equilibrium price, the result will be A. A shortage of the…
A: Equilibrium is a state in which economic forces like supply and demand are balanced and the…
Q: Derive the Engel's curve for an inferior good.
A: Engel curve is the relation between the household income and the household's expenditure on a…
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- Which product listed is an example of an inferior good?This is a difficult question. Take your time to match the term to its definition or description. Complement Inferior Good Normal Good Substitute A. E1<0 B. EXY<0 C. E1>0 D. EXY>0Which term is used to describe the want satisfying power of a commodity or a service?[A] Demand[B] Want[C] Utility[D] Consumption Please dont use any ai tool. Thank you
- Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 What is the maximum price that consumer is willing to pay for 1500 bottles?A change in which of the following alters buying plans for cars but does NOT shift the demandcurve for cars?A) a 10 percent decrease in the price of car insuranceB) a 20 percent increase in the price of a carC) a 5 percent increase in people's incomeD) an increased preference for walking rather than drivingThe Government places a luxury tax on cars that sell for over $50k. What would happen to the supply of Bentleys?
- Which of the following would NOT change demand? * a)information about the product's health effects b)the price of related products c)the income of the consumers d)the price of the productWhich shifter,increase or decrease,drawing,change in price,change in quantityEconomics Two drivers, Walt and Jessie, each drive up to agas station. Before looking at the price, each placesan order. Walt says, “I’d like 10 gallons of gas.”Jessie says, “I’d like $10 worth of gas.” What is eachdriver’s price elasticity of demand?
- Raman noodles are an inferior good. If all consumer's incomes decrease, then the ____ curve shifts causing equilibrium price to _____ and equilibrium quantity to _____. Word bank: Demand, increase, decrease, increase, decrease, supply.Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chief economist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. The demand curve is much more inelastic. The price elasticity of demand has decreased from: -5.76 to -2.70 Before the campaign, your price was $240 per pair of BBB Shorts. What should be the new price?What do you mean by an inferior goods give some examples?
