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4. Explain each key ingredients.
(ii) There should be willingness to buy the product.
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Solved in 2 steps
- (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good.How would the equilibrium quantity and price of smartphones be altered if the prices of their electronic components increase, and labor costs to produce them rise, while alternative communication methods become more accessible and user-friendly? (A) Quantity will fall, and the effect on price is ambiguous. (B) Price will fall, and the effect on quantity is ambiguous. (C) Quantity will rise, and the effect on price is ambiguous. (D) Price will rise, and the effect on quantity is ambiguous.
- 25. What will happen to the price and quantity of footballs as a result of an increase in the price of leather used to make footballs? (A) Price will increase, and quantity will increase. (B) Price will increase, and quantity will decrease. (C) Price will decrease, and quantity will increase. (D) Price will decrease, and quantity will decrease. Price will not change, and quantity will not change. (E)Description Which of the habits refer to the mission statement? (a) Think win-win (b) Begin with the end in mind (c) Put first things first (d) Be proactive Define the terms internal customer and external customer. Is the main concern of most consumers the price of the product or service? Explain. List and explain the six most important factors that influence consumer purchases.PRICE QUANTITY(QS) 1 0 2 3 3 4 4 5 5 6 Plot the supply curve from the supply schedule information provided.. (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change?
- Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.Plot the supply curve from the supply schedule information provided. Price Quantity supply 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 Plot the demand curve from the demand schedule information provided. Price Quantity demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?(9) What determines the utility an individual receives from consuming a good? Select one: a. The individual’s own preferences. b. The demand and supply curves for that good. c. The producers conducting customer feedback surveys of that good and the feedback provided. (10) Denzel bought headphones two months ago, Solo2 Beats by Dre, for $130. He gives them to his little brother and goes online to buy another for himself but they are now $160. What is the percentage change in the headphone’s price? Select one: a. 23% b. 30% c. 21%
- 1. Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? 2. Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (QD) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?Five fact about gasoline price.Explain and give example 1. Satisfaction of wants VS Fullfilment of needs