Is it rational to buy more of something if the price goes up? Why or Why Not?

Q: You and another shop are deciding whether to keep prices high or keep prices low. Here is the…

A: It can be said that it is not a perfect competition situation.

Q: What is the objective of the price change?

A: Price change shows that how during a trading period, there is a difference in price of the same…

Q: Regarding the idea of laissez faire was there any difference between Adam Smith and the…

A: Laissez faire is a concept such that there will be no Government intervention in the economic…

Q: what is a scenario in which the consumer faces a shortage of a good due to high demand. Explain how…

A: The objective of the question is to understand a scenario where a consumer faces a shortage of a…

Q: What do you think Is the relationship between price and quantity supplied?

A: Quantity supplied refers to the amount of good to be supplied by the producer or supplier at a…

Q: What is the relationship between MR and Price?

A: Microeconomics refers to the branch of economics that deals individually instead of aggregates a…

Q: Use willingness to pay and willingness to sell to determine supply anddemand at a given price

A: The maximum price that the buyer is ready to pay for a unit of commodity rather than go without it…

Q: Consider a company that decreases the price of their product by 50% and finds that quantity demanded…

A: Elasticity of demand measures how much the quantity demanded responds to the changes in the price of…

Q: Explain how economic forces such as employment, income, prices, interest rates, and consumer…

A: Demand for a commodity id desire backed by ability to buy and willingness to pay by an individual,…

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: Describe the need versus the want for a Samsung cellphone.

A: Let us image the case of a farmer who produces barley. The farmer may receive many customers for his…

Q: Explain how consumer expectation is a determinant of demand.

A: Demand simply refers to a customer's desire to purchase goods and services without hesitation and…

Q: The price for a product might remain the same, or rise or fall over time. Regardless, over time…

A: The price for a product is determined at the intersection of the market demand for the product and…

Q: Draw a supply and demand curve for cheeseburgers. Cattle farmers created a supplement to give to…

A: The demand(dd) curve shows us the negative relation that exists between the price(P) of a product…

Q: why is it possible to have a 150% increase in price but not a 150% decrease in price?

A: Price alludes to how much money that an individual or substance need to pay in exchange for a…

Q: There is a sale going on at XYZShop. As a consumer, can you consider the sale or increase in demand…

A: Sale at any shop is a strategy to sell out the inventories that has piled up because the products or…

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…

Q: Explain how the equilibrium, or market, the price of a product is examined.

A: Equilibrium is known as the state of balance, the state of rest from where there is no tendency to…

Q: Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.

A: Demand for a commodity is based on the desire to have that commodity backed by the ability to pay…

Q: Draw a supply and demand graph for new cars. Show the impact that the 2008-09 recession (with the…

A: Demand is the quantity of a product or service that consumers are willing and able to buy at a given…

Q: how do I illustrate an increase in a price of an item resulting in consumers buying another item

A: Law of demand says the more of goods is purchased at low price and vice versa keeping other factors…

Q: If a company is running short of funds and they want to increase revenue. Should you increase or…

A: When the firm runs short of funds then increasing revenue is the best way to fulfill fund…

Q: What are the factors which determine the choice that a person makes between buying a Honda Accord or…

A: The demand for the commodity is directly related to the income or purchasing power of the consumer.…

Q: Why might quantity supplied be relatively unresponsive to a price change?

A: The passage of time has a significant impact on how goods are produced and supplied. Long-term…

Q: The income of consumer has got increased and the consumer's demand for good X has also increased.…

A: If the consumer's income is increasing this means that the consumer can now afford more goods and…

Q: What refers to the quantity of goods and services that consumers are willing to buy at a given…

A: Willingness and ability both are required in order to be able to purchase a good.

Q: How does a sudden decrease in consumer confidence due to a significant political event impact the…

A: Consumer confidence refers to how optimistic or pessimistic consumers are about the economy's…

Q: What is one consumer food or service for which in the last 10 to 15 years consumers preference has…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: What is the law of demand and how does it explain consumer behavior in response to changes in the…

A: The law of interest is a central standard in financial matters that depicts the opposite connection…

Q: demand schedule   a. shows how the demand changes when the supply changes. b. is a graph showing a…

A: Demand refers to the total amount of goods and services that the buyers are willing to purchase at…

Q: Annabelle typically drives her car to school, but she lives near a bus stop and is willing to take…

A: Two goods are considered substitutes in economics if they can both satisfy the same need. In the…

Q: Think about a retail product that you have purchased recently (e.g. groceries, restaurant meal,…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Relationship between changes in price and  corresponding changes in quantity that consumers will…

A: Change in price will leads to change in demand.

Q: Explain all the reasons why a decrease in the price of a product would lead to an increase in…

A: The law of demand says that there is an inverse association between the price of a service and…

Q: Explain why customers sometimes get a "good deal" on a product. Think about the behavioral aspects…

A: Demand (DD) and supply (SS) are fundamental economic concepts that describe the relationship between…