What is the difference between a "need" and a "value?"

Q: How is the ordinal utility concept different from the cardinal utility concept

A: The key difference between Cardinal and Ordinal Utility lies within the undeniable fact that…

Q: Need experts solution with step by step with explanation

A: In consumer theory, the consumer aims to maximize utility (satisfaction) given their budget…

Q: How is equilibrium determined in goods market?

A: Goods market equilibrium occurs when desired savings is equal to desired investment.

Q: Paper and pen are Complementary/Substitute goods Choose the correct option out of these two

A: We can determine whether two goods are complementary or Substitute by looking at how the change in…

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: Signs of life -Summarize in your own words the distinctions between “Wants and ‘ need”

A: Economics is a study of social science, which deals with production, distribution and consumption.…

Q: How does utility theory differentiate a “need” from a “want”?

A: Utility alludes to the total fulfillment got from the utilization of a thing or service. As the…

Q: What is equilibrium

A: Equilibrium is a state where two opposing forces balance each other. In economics, Equilibrium is a…

Q: Using a budget line, why does a decrease in the price of a good allow one to potentially consume…

A: A budget line shows various combinations of two goods a consumer can purchase by spending all income…

Q: Explain how the price of a good (fertilizer) is determined

A: Demand and Supply: Demand is the quantity of a commodity that buyers are willing to buy at given…

Q: What is cardinal utility theory?

A: Utility is a term referring to the overall satisfaction obtained from consuming a good or service.

Q: How does equilibrium occur in the market?

A: Meaning of Market: The term market refers to the situation under which the producers or the…

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: Is a good which is inferior for one Consumer is inferior for all the other consumers also?

A: # The low quality goods which follows a negative income effect are inferior goods.  Griffin goods is…

Q: how does each consumers indivual consumer surplus change

A: Introduction:Consumer surplus represents the economic gain that consumers experience when they buy a…

Q: riefly outline and explain some of factors that depend on line amount of a commodity a consumer os…

A: The dependent variable is Quantity demanded. The independent variables are Price and Income. We have…

Q: Define the consumer market and construct a simple model of consumer buyer behaviour?

A: The consumer market is a system where we can purchase products, goods and services which are being…

Q: thing and food. the price of clothing is $50 and the price of food is 20. Hector spends his entire…

A: Budget constraint (or often addressed as budget line, BL) is the locus of all combinations of goods…

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: What term would an economist use to describe what happens when a shopper gets a “good deal” on a…

A: Economists uses a term called consumer surplus when a consumer gets a ‘good deal’ on a product. This…

Q: When a person demands something (in economics) they must be , and to buy

A: Demand is one the most crucial factors of any kind of microeconomic analysis, which forms a base for…

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: Given the market price of a good, how does a consumer decide as to how many units of that good to…

A: First we need to understand what is marginal utility. Marginal Utility - It is the additional…

Q: A discussion about psychological law of consumption

A: According to the psychological law of consumption "Increase in income increases consumption but not…

Q: How to solve Market Equilibrium?

A: Definition  Market equilibrium – A market equilibrium occurs when the demand for a good is equal to…

Q: If Goods are not rationed according to price, what happens?

A: Rationing is done by the government to manage the distribution of goods and services inorder to deal…

Q: Do you think the model of consumer equilibrium describes how people really make the decisions on…

A: Consume equilibrium is a state where consumer gets maximum satisfaction.