Increase in price of liquid detergent

Assignment Help Microeconomics
Reference no: EM133246014

Question

If consumers switch to buying more powdered detergent in response to an increase in the price of liquid detergent does this mean that: (a) there was a change in demand or a change in the quantity demanded for liquid detergent? (b) there was a change in demand or a change the quantity demanded for powdered detergent?

Reference no: EM133246014

Questions Cloud

Categories of services were most affected by pandemic : Which three categories of services were most affected by the pandemic, and what are the changes in prices in these categories over the past few months?
Compute per capita income in ethiopia : Compute per capita income in Ethiopia for the year 2050 assuming average annual growth is.
What is your reservation wage : Suppose your utility function over consumption and leisure is given by U = CL2. What is your reservation wage?
Discuss the transmission mechanisms : Discuss the five transmission mechanisms of the key market (country) and how it affects the company's profitability.
Increase in price of liquid detergent : If consumers switch to buying more powdered detergent in response to an increase in the price of liquid detergent does this mean
Display the trackid and track name : Display the trackid, the track name, the composer, the genreid, and the genre name for each track.
Create block containing variable : Challenge 2-2 create a block containing a variable that can hold a y or an n to indicate whether a newsletter should be mailed
Data sets and associated dictionaries : Summarize one real-world business report that can be created from the attached Data Sets and Associated Dictionaries. Describe the data used for the report.
Good for hosting microbrewery tours : Find which cities would be good for hosting microbrewery tours. A city must have at least 10 breweries to be considered.

Reviews

Write a Review

Microeconomics Questions & Answers

  Suppose the inverse demand curve

Suppose the inverse demand curve has the following formula: p = $7 – 0.01Q. There are two firms. The cost function for the first firm is TC = 1 Q and for the second firm TC = 2Q. If the two firms were to combine, what Q would they produce in each div..

  Discuss firms in other market structures consider

Discuss whether firms in other market structures consider the potential reaction of competitors when making important marketing decisions.

  Estimate proportion of victorian commercial truck drivers

Sleep apnoea is a sleep disorder that causes a person to stop breathing momentarily and then awaken briefly. A study of 768 Victorian commercial truck drivers.

  Explain the largest component of gdp is consumption

Using the information in this chapter, label each of the fol- lowing statements true, false, or uncertain. Explain briefly- The largest component of GDP is consumption and Government spending, including transfers, was equal to 20.4% of GDP in 20..

  The news article nfl-directv-monopoly

The news article "NFL-DirecTV-Monopoly" discusses a legal challenge to an agreement between the National Football League (NFL) and DirecTV giving DirecTV the exclusive right to broadcast out-of-market games.

  What are equilibrium quantities

Two firms are competing in a market. Firm 1 and Firm 2 simultaneously announce quantities, q1 and q2. The price charged in the market is given by p = 1 - q1 - 2q2. Both Firm 1 and Firm 2 have 0 marginal cost of production. What are equilibrium quanti..

  Why the demand curve slopes downward

How society manages its scarce resources and benefits from economic interdependence and why the demand curve slopes downward and the supply curve slopes upward

  Monopolistic competition and collusion

Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.

  Incumbent government running for re-election

Explain whether, based on the GDP data and all else equal, you would prefer to be incumbent Government running for re-election this time last year or now.

  Is the demand for iphones price inelastic or elastic

Is the demand for iPhones price inelastic or elastic? Why? Is income elasticity high or low?

  Preparation for the debate

Write down everything you would require durint your preparation for the debate.your preparation should include graphs and formulas.

  Calculate the equation for marc budget line

Marc has a budget of $20 a month to spend on root beer and DVDs. The price of root beer is $5 a bottle, and the price of a DVD is $10.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd