How demand is influenced by price
Describe how the demand for a good is influenced by the price of its associated goods. Give illustrations.
Expert
Related goods are either replacements or complementary:Substitutes Goods: Whenever price of a substitude falls or downs, it becomes less costly than given good. Therefore the consumer replaces it for given good will reduce.
Likewise, a rise in the price of substitute will outcome in rise in the demand for specific good. For illustrate Tea and Coffee.Complementary Goods: Whenever the price of a complementary good falls or downs its demand rises and the demand for the specific good will raise. Likewise whenever price of complementary good rises, then demandfor specific good decreases. For illustration: ?Car and Petrol.
Give a brief introduction of the term Cost of retained earnings?
Elucidate the Local expenditures and receipts for all local governmental units in 1996?
Describe four important areas to emphasize Expenditures?
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
Evaluate and explain the statements: “The market system is a profit-and-loss economy”
In output markets, the simple circular flow model, households replace their _________ for _________. Can someone help me in determining the right answer from the given options. (1) Resources | income. (2) Labor | g
What will be produced in all economic systems?
Describe redistributive effects of inflation?
Elucidate Reliance on technology and capital goods of the market system?
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
18,76,764
1961701 Asked
3,689
Active Tutors
1437302
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!