Question: a) Explain that how price of the substitute (y) can affect the demand of commodity (x)?
Fantastic news! We've Found the answer you've been seeking!
Question:
Question:
a) Explain that how price of the substitute (y) can affect the demand of commodity (x)?
b) Explain the concept of indifference curve. Also explain its any two properties.
Expert Answer:
Answer rating: 100% (QA)
Solution a Substitute goods are those goods which can be used in place of one another to satisfy a particular want Price of one substitute good has a positive relationship with quantity demanded of an... View the full answer
Posted Date:
Students also viewed these economics questions
-
Explain how the indifference curve and budget line apparatus are used to derive a consumers demand curve. For a demand curve, certain things are held constant. What are they, and how does this...
-
Explain why a demand curve is also a curve of average revenue. Recalling that when an average revenue curve is neither rising nor falling, marginal revenue must equal average revenue, explain why it...
-
How might you draw an indifference curve map that illustrates the following ideas? a. Margarine is just as good as the high-priced spread. b. Things go better with Coke. c. Popcorn is addictive - the...
-
Find the probability | (p)| 2d3 p of the particular momentum p for the ground-state hydrogen atom. (This is a nice exercise in three-dimensional Fourier transforms. To perform the angular...
-
For each of the following sampling plans, indicate why the target population and the sampled population are not the same. a. To determine the opinions and attitudes of customers who regularly shop at...
-
Solve Problem 8.62 assuming that the wedge is driven under the plank at B instead of at A.
-
The following e-mail with an authentic looking e-mail address and logo was received by the controller of a small business: Required a. What should Justin do about these e-mails? b. What should Big...
-
The following information was taken from the accounts and records of the Community Society, a nongovernmental not-for-profit organization. The balances are as of December 31, 2011, unless otherwise...
-
Does the timing of a distribution matter as to whether it is taxed as a dividend or treated as a return of capital? Please explain.
-
I attached the entire code but the only parts that need to be fixed are the def calc_movie_feature_matrix in class ContentBased, calc_item_item_similarity in class ContentBased, and predict_from_sim...
-
Amart Ltd needs to purchase glass panes to make dining tables. Last year Amart has two suppliers, Sunrise and Texco, with the following supplier related information: Supplier related activities Cost...
-
Select a major supply chain issue from below that you have an interest in. Covid 19 impact on supply chains Green supply chains/ Sustainability in supply chains E-commerce impact on supply chains...
-
Maria's Bakery reported the following financial statements for last year. Income Statement Sales Costs of Goods Sold Depreciation Interest Tax Net Income $69,650 Dividends $51,240 $4,000 $5,820...
-
Question 4 The construction cost of a proposed Tollgate on an existing busy road network is R1.5 million. Table 4 provides estimated operation and maintenance costs as well as expected income for the...
-
During the Market Concept era, businesses developed a marketing strategy based on customer need. What are the three concepts?
-
Take a look at A1 Emergency Plan and revise it to determine errors. In your answer, identify the 9 errors and the page numbers where the errors are.
-
The following MINITAB output relates to a house having 2,000 square feet and a rating of 8. New Obs 1 Fit 162.4417 SE Fit 6.77 95% CI 95% PI (146.44, 178.45) (120.00, 204.89) (a)Report a point...
-
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?
-
The demand curve for most health care is relatively _________ with respect to price.
-
Insurance _________ the price of health care to consumers and _________ the quantity of health care services demanded.
-
The interaction of _________ advances and _________ significantly increased the demand for medical care.
Study smarter with the SolutionInn App