Which is more important to you, health or unlimited supply for your wants

Q: As a consumer, how can you sustain your needs (basic commodities) despite the challenges in…

A: Answer- Need to find - Ways to utilize your income to satisfy your demands at the most affordable…

Q: 29. This is the concept that explains that trends of values continues to increase but at a certain…

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

Q: Does the income level of a person change their view of substitute goods?

A: Two goods are substitutes of each other if both can be used in place of another. Similar and…

Q: Explain the relationship between the law of diminishing marginal utility and the law of demand.

A: Law of demand: It explains an inverse relationship between the quantity demanded and price, keeping…

Q: Discuss it in your own understanding and then give example of the following:   Utility and Demand

A: The utility is the satisfaction which is derived from the consumption of goods or commodities.

Q: With the concept of Total Utility and Marginal Utility, explain why gold is more expensive than…

A: This problem can be explained using the theory of diamond water paradox in which consumers focus on…

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: What do you mean by the inverse relationship between the quantity demanded for a commodity and its…

A: Inverse relationship between quantity demanded of a commodity and the price implies that as the…

Q: Bob Toshida has the demand schedule for dress shirts shown in the table below. Fill in the missing…

A:

Q: Using the consumer choice theory, explain how an individual decides what combination of different…

A: The consumer choice theory can be understood as a theory that explains the change in consumer…

Q: Suppose John decides to buy 4 units of food and 4 units of clothing with his $12 budget. Would his…

A: Marginal utility is defined as the additional utility derived from the consumption of an extra unit…

Q: this week you have gone to two parties. assume the total utility you gained from these parties is…

A: The marginal utility is the difference between the total utility of the good and services with that…

Q: Bob Toshida has the demand schedule for dress shirts shown in the table below. Fill in the missing…

A: The table will look like: Price (P)  Quantity Demanded (Q)  Marginal Utility (MU= TUn - TUn-1)…

Q: Do you think that it is better to be efficient or to have a choice about prices, color, size, etc.?…

A: Almost certainly the pure competitive industries are effective as in pure competitions the useful…

Q: You can buy pencils and pens. Each pencil costs $7.5 and each pen costs $5.    Marginal utility…

A: Maximum utility  Utility maximization is the desire for the greatest amount of pleasure from one's…

Q: According to statistics, people in their teens (15 years) will buy 12 CDs and 15 cheese pizza in a…

A: Answer: Present consumption of teens is 12CD and 15 pizzas. and cheese pizza is a secondary good for…

Q: , what would be the new price of Shirts while Leyla consumes at point B?

A: The budget line shows the bundles which exactly exhaust the income(M)of the consumer. Here there are…

Q: Based on the figure, what point will give the highest level of satisfaction? Point G, Y, D or B?…

A: Utility refers to the amount of satisfaction received by a consumer from the consumption of goods…

Q: Q16 The substitution effect of a price change leads consumers to _____ their demand for goods whose…

A: The answer is - b. Reduce, norm The substitution effect of a price change leads consumers to…

Q: A consumer has a budget to spend on Shoes and Socks. At their current levels of consumption, they…

A: Marginal utility per dollar is the amount of utility obtained by the consumer from spending one more…

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: a)Which gives you greater total utility: 14 gallons of water per day or 22 gallons per day? Why?…

A: Consumers get utility from consuming goods. Total utility is derived from the total amount of goods…

Q: Give an example of substitute pair and an example of complement pair that you have encountered and…

A: There are two types of related goods :-  1. Substitute goods : - those goods that can be consumed at…

Q: Other things being equal, would a consumer optimum change if the prices of all items consumed rise…

A: A consumer optimum lies at the consumption bundle for which the consumer's utility gets maximized…

Q: What determines the utility an individual receives from consuming a good? Select one: a. The…

A: In economics, the problem of scarcity is addressed by economic agents. As human wants are unlimited,…

Q: The rules of politics are not always the same as the rules of economics. In discussions about…

A: It involves fighting against cuts in the budget by shifting cuts, to the most popular(visible)…

Q: Using the consumer choice theory, explain how an individual decides how to adjust her preferred…

A: Consumer choice theory: It refers to the idea in which the consumers will try to purchase to…

Q: Which of the following defines marginal utility? a. the maximum amount of satisfaction from…

A: Utility is the satisfaction a consumer derives from consuming total units of the good.

Q: qty per week Marginal Utility of songs Marginal Utility of Cookies 1 15 25 13 20 12 16 4 11 13 10 11…

A: Price of song=$2 Price of cookie=$1

Q: David gets $3 per week as an allowance to spend any way he pleases. Since he likes only peanut…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 3. You have improved your marks this year and your parents are impressed and wish to reward you for…

A: Given utility function = 20XY Utility level to be achieved = 360,000 PX = 50 PY = 10   We have to…

Q: What happens to consumption of a normal good when its price increases?

A: Normal goods are those whose demand increments as individuals' purchasing power and incomes rises.…

Q: Relationship Between the Consumer Demand Curve and Marginal Utility Discuss the impacts of marginal…

A: Marginal utility is the gain or satisfaction obtained from the consumption of an extra unit of a…

Q: impacts of marginal utility. Imagine that you are a seller of phones: How can you increase the…

A: Marginal Utility: When an individual consumes something then by consuming the extra amount of goods…

Q: State any two reasons for why a consumer buy more at a lower price

A: The inverse relationship between price and the quantity demanded is given by the law of demand and…

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

A: Cross price elasticity of demand between two goods is the responsiveness of change in demand for a…

Q: Explain the principles, concepts, and theories underlying individual consumers’ behaviour with…

A: Utility is the want satisficing power of a commodity, it differs from person to person and changes…

Q: other goods

A: The law of demand depicts rise in price cause fall in quantity demanded or vice-versa, keeping…

Q: As the term is used in economics, rationality implies that a consumer will a. seek to maximize his…

A: Economics refers to the science that studies the behavior of the rational people in response to the…

Q: If milk and Cheerios are such known to be complements the consumer consumes either one of this goods…

A: What we can say to the complementary goods describes that the amount of the goods whose certain…

Q: If the supply curve for aspirin is perfectly elastic, then a reduction in demand will cause the…

A: The markets have two sides, the demand side, where the buyers, and consumers operate, and the other…

Q: Sumaiya, who consumers Pepsi and pizza, gets a raise in her income from $200 to $300 Pepsi costs her…

A: For normal good, an increase in income causes a consumer to buy more of a good and with increase in…

Product and Price Bundling

Product and price bundling is used as a marketing strategy by businesses, where complementary products and services are combined and sold as a package deal. This bundled price is usually less than the total price of the individual products if they were to be sold separately. When bundled and sold, each product is sold at a reduced price. Using a price bundling strategy helps increase the average revenue per user and also increases the engagement with the user. This happens as the perceived value of the bundled products is more than the individual products.