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- how do I illustrate an increase in a price of an item resulting in consumers buying another itemExplain all the reasons why a decrease in the price of a product would lead to an increase in purchases of the product. Use willingness to pay and willingness to sell to determine supply anddemand at a given price
- Will an increase in the price of a complementary good outwardly shift the demand curve?Explain all the reasons why a decrease in a product’s price would lead to an increase in purchases.Using the consumer choice theory, explain how an individual decides how to adjust her preferred combination of different products to buy when the price of just one product changes ?
- The difference between the price a consumer is willing to pay for a product and the price the consumer eventually pays is called?Please derive mathematically the condition for consumer equilibrium then give a short intuitive on why you came up with that answer. Thank youWhen the price of raspberries increases, consumers may switch to strawberries or blueberries. What effect is responsible for this switch?