Durable Goods are:     A. Goods that don't last   B. Goods that last a few days   C. Goods that get thrown away after one use   D. Goods that last a while (generally 3 years)

Q: Time Income (Y) Quantity (Q) 2017 1500 35 2018 2000 25 Calculate income elasticity?

A: Income elasticity is defined as the proportionate change in quantity consumption for proportionate…

Q: ow has the supply and demand for a specific product affected your or your family’s purchasing…

A: The market is place of an interaction between the byers and sellers which strike between one another…

Q: one factor EACH that you think influences demand and supply for milk.

A: The factors that effect the demand of milk.  1) Price of the coffee and tea powders:  If the price…

Q: What examples do you have of goods and services that were once luxuries, which have become…

A: Luxury goods are those whose demand increases as people's income increases.

Q: Is the change in revenue related to an increase in units sold, an increase in prices, or…

A: Revenue is the value of sold products. It is derived as price per unit multiplied by the quantity…

Q: Draw a supply and demand curve for your favorite product. You get a massive raise at work, what…

A: ANS A massive raise at work will increase the income earned by the consumer as a result the consumer…

Q: What is a "normal" good? Select one: O a. a good for which demand varies inversely with household…

A: In economics, on the basis of income, goods can be classified between normal goods and inferior…

Q: Why do people purchase more of something when its price falls?

A: Law of demand states that when other things remain the same increasing price leads to reduces the…

Q: Suppose that the demand per ounce of a rare type of chocolate, Qp, is represented by the following…

A: Demand-supply equilibrium: Demand refers to the total demanded quantity for commodities and services…

Q: Name any two types of consumption goods with examples

A: Those goods which have the tendency to satisfy the wants of the consumer are said to be as Consumer…

Q: Cheese and buns are comements. What will happen if cheese becomes less expensive?

A: Definition of Complementary goods : These are jointly demanded goods.

Q: What aspects of the market for digital cameras are influencing it?

A: Digital cameras are in high demand. The digital camera market is very cutthroat because of…

Q: Which one (1) of the following describes when "indemnity" has occurred? The insurer returns the…

A: “Since you have posted multiple questions, we will provide the solution only to the first question…

Q: Consider the demand for gasoline (sold at gas stations). a. What factors may affect the demand for…

A: Demand refers to the quantity of a good and services that a consumer is willing and able to buy at a…

Q: How do consumer expectations affect the demand for a product?

A: The economic outlook of households is referred to as consumer expectations.Current economic activity…

Q: Which shifter,increase or decrease,drawing,change in price,change in quantity

A: Incraese in the price of gasoline will decrease the demand for gasoline. Demand curve will shift…

Q: Question 2 When the announcement was made in January about the availability of Starlink in Nigeria,…

A: When the announcement was made in January about the availability of Starlink in Nigeria, it could…

Q: Using the list on the bottom what are "service" components and "physical goods" components? a new…

A: Physical goods refer to the products that are tangible. It can be durable or non durable. Service…

Q: The difference between the price a consumer is willing to pay for a product and the price the…

A: Consumer surplus is the benefit that a buyer gets from purchasing a goods and services measured by…

Q: Inferior goods may be purchased resulting in more goods being returned and unhappy customers. A.…

A: An inferior good is a financial term that portrays a good whose demand drops when individuals'…

Q: What happens in the market for beach towels,now that the season is over? Graph and explain

A: Demand is the consumer's willingness to pay or consume a certain good available in the market. It…

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A: Demand measures the willingness and the ability of the individual to pay for the commodity. The…

Q: Relate satisfaction with consumer equilibrium and explain their relationship.

A: Consumer equilibrium is a state where a consumer is able to maximize their satisfaction or utility…

Q: human want or need is called A. Service B. Demand C. Utility

A: So all the actual aspirations and the basic desires of the human are totally known as the human…

Q: What kind of relationship exist between demand for a good and price of its substitute goods? (a)…

A: Substitute goods are the pair of goods which have similar properties and thus can be used at place…

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A: Foods and Food HabitsPromote Healthy Digestion and Absorption: a. Take small bites of…

Q: Explain the key ingredient :   The demander should have the purchasing power to buy that good or…

A: Purchasing Power:- The worth of a money is determined by how many commodities one unit of such…

Q: What refers to the amount of the satisfaction derived from the consumption of the commodity Help•••

A: It is the UTILITY which refers to the amount of the satisfaction derived from the consumption of the…

Q: What is the right amount of variety? Can there be too many varieties of shoes?

A: The monopolistic competitive markets sell differentiated good and this concept of the differentiated…

Q: Consumers expect the price of gasoline to increase due to a hurricane in the Gulf of Mexico.

A: When any factor other than the price of the product causes a change in the demand curve or shift in…

Q: Assume that Kim deposits $1,500 in currency in the Trusty Bank. Later that same day Akio negotiates…

A: Money supply refers to total monetary supply available at a point of time in economy.Money supply…