Answer:
A).price will fall and quantity will fall
Explanation:
A reduction in demand causes the demand curve to shift to the left. The demand for a good may decrease due to a fall in incomes( assuming a normal good), a rise in the price of a substitute commodity, increases in the price of a compliment product, or changes in customer preferences.
Reduction in demand means a product is less desirable in the market. Its price will fall as sellers try to woe buyers to purchase it. The quantity supplied will also decline as few customers will be willing to buy the product.
<span> B. When used, both take money directly out of a bank account.</span>
Maybe you should start working on them now because if you don’t then it’s going to be on you. And you’ll have to redo whatever the class
Answer:
The answer to this question is b. Yours will be positive and your roommate's would be negative.
Explanation:
Income elasticity of demand is the degree of responsiveness of demand to changes in income. In other words, it measures how changes in income of consumers will affect the quantity of commodities demanded by such consumers.
An income elasticity of demand can be positive or negative.
It is positive, when an increase in income leads to an increase in the quantity demanded by the customer. However it is referred to as negative when an increase in income leads to decrease in the quantity demanded by the consumer.
In the question above, it can be seen that the increase in income of the first person brought about increase in the commodity demanded thereby making his income elasticity of demand positive. one the other hand, the increase in the income of his roommate, brought about decrease in his demand which translate to the fact that his income elasticity of demand would be negative.
Hence the answer given.
In the process of straight rebuys, the buyer has this tendency to be the only member of the buying centre that is involved in the operation. In addition to that, the method is also used to describe the when a consumer would have to buy again the same product without referring to the information attached to it.
