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- Explain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. How does a consumer’s optimal choice of goods change if all prices and the consumer’s income double?What happens in the market for beach towels,now that the season is over? Graph and explain
- Relate satisfaction with consumer equilibrium and explain their relationship.The difference between the price a consumer is willing to pay for a product and the price the consumer eventually pays is called?Refer to the graph below: Quantity of Y 160 B 200 X Quantity of X Why doesn't the consumer choose the combination at point A?