It is a set of those combination of two goods which offer the consumer the same level of satisfaction.  ONE WORD

Q: Elasticity

A: Elasticity is the responsiveness to change. In this case, it is the willingness to take a loan to a…

Q: ** PLEASE LOOK AT BOTH IMAGES , THEY COMPLEMENT EACHOTHER **

A: The consumer surplus is the area below the demand curve and above the market price. The less price…

Q: Substitutes, complements, or unrelated? u work for a marketing firm that has just landed a contract…

A: Given, When the price of splishy splashies Increases by 4%, the quantity of Frizzles increases by 5%…

Q: Can a company like Priceline.com sell low-priced items such as groceries and telephone calls?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: explain how opportinity cost affects consumer behacvior

A: When a consumer purchases one good or service, then he/she is giving up on the chance to purchase…

Q: † quantity demanded is completely unresponsive to

A: Elasticity measures how much responsive the quantity demanded is towards the changes in the price of…

Q: When ordering Big Macs, milkshakes, pizza, and other goods, how can you obtain the highest possible…

A: Total utility is the total amount of satisfaction received from consuming a good or service.…

Q: You are a manager of an advertising company. The company is running short of funds, so you decide to…

A: It's tough to say whether cutting costs or growing income is more vital for all businesses. There…

Q: Which of these do NOT comprise the psychological factors influencing consumer decision making?…

A: 1. Psychological Consequences Consumer behavior is heavily influenced by human psychology. These…

Q: If you are selling Mercedes-Benz cars in your showroom, what product "substitutes" are available to…

A: Substitutes are those goods that can be used in place of one another. Some goods are perfect…

Q: Identify 3 home related tasks and explain how demanding each one is

A: Home-related tasks are one of the most underrated and fall under unpaid and therefore unacknowledged…

Q: Elasticity

A: Elasticity refers to the % change in quantity demanded due to % change in price. It is the…

Q: How would you define consumer behavior?

A: Consumer behaviour is very important for any firm to determine what goods and services need to…

Q: Which products are for you not price sensitive, so that you would buy them even if the price…

A: Price sensitive refers to the situation where the changes in price leads to affect the quantity of…

Q: suppose the price per gallon of water is 1 cent and the price per carat of diamond is $10,000. Is…

A: The ability or capacity of a commodity to satisfy consumers’ wants is known as a 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: Pricing Scenario: You just won a new laptop in a contest, and you decide to sell your old one. You…

A: In economics, elasticity refers to the degree of proportionate change in quantity demanded or…

Q: After a destructive hurricane in Southeast Texas, gasoline prices around the country increased…

A: LEither intentionally or subliminally, the issue of elasticity surfaces for buyers and producers in…

Q: Discuss the relationship of price to consumerperceptions of quality.

A: Customer perception is important in many areas, including customer understanding, communications and…

Q: A rational consumer maximizes her Select one:

A: Micro economics is the branch of economics which deals with the individual units. The main concepts…

Q: What inferior goods that people buy?

A: Demand for inferior products is often determined by client behavior. Inferior smart refers to…

Q: What is Buying behavior?

A: Meaning of Microeconomics: The term microeconomics refers to that situation under which the…

Q: After a destructive hurricane in Southeast Texas, gasoline prices around the country increased…

A: Basics:- When price of a product is increased drastically but demand for the product does not…

Q: Agree or Disagree. “Tastes and preferences are subjective in nature. It means that an individual has…

A: I agree. Every individual is innately different in choosing their likes and dislikes. These choices…

Q: What are the Shortcomings of Range?

A: A range can be defined as the difference between the largest number and the smallest number. To find…

Q: Identifying complements and substitutes.

A: The economics is a social science which would result in the production of the various goods and…

Q: a full explanation about perceived enjoyment

A: Enjoyment is basically the pleasure that people get from the various activities they perform in…

Q: Total Utility:.....

A: The expenditure incurred on output production depicts the cost. The cost is of two types: Fixed and…

Q: Goods which can be used on place of each other are called __________ goods

A: Depending upon the cross price elasticity of goods, goods can be of two types:- (A) Complementary…

Q: With respect to consumer behavior, one's attitudes, learning, and perceptions would be O…

A: Consumer behavior refers to a behavior of a consumer while taking an economic decision that shows…

Q: There is an increased consumer preference for tea. How will this impact the market for tea?…

A: The law of demand illustrates the relationship between price and quantity demanded of a good.…

Q: Does the role of price vary with the type of situation?

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: is any physical good, service, or idea that satisfies a want or need, plus anything that in the eyes…

A: A sale is an action of giving a good of service in exchange for money.  A test refers to evaluation…

Q: You were promoted as the manager of a new Clean-Well Sanitary Store that sell cleaning and…

A: Considering that the vitamins are normal goods. For normal goods, a change in price would result in…

Q: Either find a utility function for each of the examples or discuss what properties should it have.…

A: Economists formulate the theory of consumer behavior on consumer preferences and utility is…

Q: You are in the market for a new couch and havefound two advertisements for the kind of couchyou want…

A: We define willingness to accept as the minimum amount that a person would be willing to accept to…

Q: What makes the customer experience and loyalty of shoppers at Trader Joe’s unique?

A: Trader Joe is truly one of a kind. It has an unique approach to shopping as it tends to regularly…

Q: Other things remain unchanged, the demand for normal products is expected to increase when buyers'…

A: there is relation between the demand and income so we can choose the correct option as follow-

Q: Why do some frozen pizzas cost more than others? Think generic versus name brand. Why would a…

A: The price of the product reflects the cost of the good or service in making with addition to the…

Q: What is complementary goods

A: In an open economy, there is a free flow of production of goods and services. All types of goods are…

Q: Conditions for market effiency

A: Market efficiency not necessarily be market price be equal every point of time. it should be free…

Q: Some restaurants offer “all you can eat” meals. How is this practice related to diminishing marginal…

A: When a person can buy a slice of pizza for $2 and is hungry, he or she decides to buy five slices.…

Q: Total utility

A: In economics, utility refers to the complete satisfaction derived from the consumption of an item or…

Q: or cocktails

A: ‘Market’ indicates a place where goods & services are bought & sold at equilibrium price(P)…