You are shopping for new clothes and you like the style of a shirt. The store clerk tells you they have that shirt in red, blue, orange, and purple, and can offer it in the sizes small, medium, and extra large. How many different shirt options can this store offer

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A: In economics, complement goods are those which are used jointly and can not be used separately. For…

Q: Discuss it in your own understanding and then give example of the following:   Utility and Demand

A: The utility is the satisfaction which is derived from the consumption of goods or commodities.

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A: Answer: Given, Owen saw that the price of peaches had gone down, and so he decided to buy more…

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A: Hi student, as per the guideline, we are providing answer for the first question. Kindly post the…

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A: Homogenous goods is one of the key characteristics of the Perfectly competitive market structure.

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A: In order to answer this question, we analyse each of the options separately.

Q: what is the principle of utility

A: Utility refers to the satisfaction received by a consumer from consuming a particular commodity.

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A: We will answer the first question since the exact one was not specified. Please submit a new…

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A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

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A: According to the question, Nick and Sofia, two students, are debating the differences between…

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A: Since you have posted multi-subparts question, so as per answering guideline, we will solve first…

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A:

Q: Examine the following pair of goods and determine which pair is an example for complementary goods?…

A: A complementary good is defined as a good that is used in conjunction with another good.  These…

Q: Suppose Amanda spends all of her income of $1,000 on mascara (M) and chocolate (C) The prices per…

A: income $1,000 The prices per unit are PM = $5 and PC = $10.

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

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A: Operational Budgeting definedBudgeting is a part of the management manner by way of which “managers…

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Q: Owen saw that the price of peaches had gone down, and so he decided to buy more peaches.” Based on…

A: If the price of any good goes down and people tends to buy more quantity of that good, it reflects…

Q: Suppose a person allocates a given budget between food and clothing. If food is an inferior good can…

A: Demand for Inferior goods decline with an increase in income.

Q: Use the following information to answer questions 1 through 8: A student has a monthly budget of…

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A: An Edgeworth box (given after Irish philosopher and economist Francis Ysidro Edgeworth, 1881) is a…

Q: Joseph is currently spending his entire budget on two goods: food and entertainment. He was willing…

A: Joseph is currently spending his entire budget on two goods: food and entertainment. He was willing…

Q: Assume that a consumer has a given budget or income of $12 and that she can buy only two goods,…

A: Answer Opportunity cost of buying 1 more apple = units of bananas lost = Price of apple / Price of…

Q: . Jenna and Walter are on a road trip across the country. They both say that they get 25 utils from…

A: Utility or utils is the benefit or satisfaction received from consumption of a good. A person…