--%>
Assignment Help - homework help

Problem regarding Substitution effect

Can someone help me in finding out the right answer from the given options. John freshly learned that a hotdog-and-fries combo is accessible at a local mall for similar price as a slice of pizza at Gino’s, where he routinely ate lunch. He starts buying hotdogs more frequently and pizza less that is an illustration of: (1) The change in supply of pizza. (2) The substitution effect. (3) The normative economic decision. (4) The income effect. (5) The informed preference effect.

   Related Questions in Microeconomics

  • Q : Illustration of Cartels The

    The Organization of Petroleum Exporting Countries (OPEC) is an illustration of: (w) a monopoly. (x) monopolistic competition. (y) a cartel. (z) decentralized communism. Can someone explain/help me with best solution about problem o

    		•
  • Q : Lowering prices raises total revenue

    Lowering prices will raise total revenue from DVD game sales at all prices as: (w) on this demand curve. (x) below $25. (y) above $25. (z) below $30.

    Q : Prices and outputs in the short run All

    All output markets which are less than purely competitive are characterized through: (1) domination of the market by some large firms. (2) individual firms that are very small to affect their prices. (3) freedom of entry and exit in the long run. (4)

    		•
  • Q : LEAST elastic demand of prevailing wages

    At prevailing wages the LEAST elastic demand for labor is probably faced by: (1) unskilled harvest workers. (2) garment workers. (3) assembly line workers. (4) dentists. Please choose the right answer from above...

    		•
  • Q : Problem on demand for Inferior Goods I

    I have a problem in economics on demand for Inferior Goods. Please help me in the following question. When income rises, demands for: (1) Substitute goods reduce. (2) Inferior goods reduction. (3) Normal goods reduction. (4) Complementary goods rise.<

    		•
  • Q : Law of Demand in respect to relative

    I have a problem in economics on Law of Demand in respect to relative price. Please help me in the following question. The law of demand defines that as: (1) Absolute prices rise, quantity demanded raises. (2) Relative prices raise, quantity demanded

    		•
  • Q : Economy in Bulgaria What is the economy

    What is the economy in Bulgaria like?

    		•
  • Q : Marginal tax rate under negative income

    The marginal tax rate upon earned income under negative income tax system demonstrated in this figure is: (1) 15 percent. (2) 20 percent. (3) 25 percent. (4) 33.3 percent. (5) 50 percent.

    Q : Bilateral Monopoly model problem Can

    Can someone please help me in finding out the accurate answer from the following question. The bilateral monopoly model is: (i) Among the most modern models of the union bargaining. (ii) Very helpful in describing specific labor agreements. (iii) The theory of dynamic

    		•
  • Q : Produce output by zero marginal reveune

    When LoCalLoCarbo, the favorite corporation of fad dieters,in that case produces output q* [that where is marginal revenue is zero] as: (1) LoCalLoCarbo’s total revenue is at its highest possible level. (2) expanding output to q4 would cause tot

    		•