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Margarita [4]
3 years ago
5

In three to five sentences, describe how a consumer can use a cost-benefit analysis to decide between buying a concert ticket or

buying a new pair of jeans. Mention the steps involved in analyzing each choice and how this process results in a decision.
Social Studies
1 answer:
Afina-wow [57]3 years ago
6 0

Answer:

During a cost benefit analysis, a consumer take in view the worth of his money and what he values more.

Now in order to compare both options and decide, he should go through following steps,

  1. Compile lists: Make a list of all the cons and pros related to both the options covering all bases.
  2. Associate monetary value: Associate monetary values to both the options. For example what would be the benefit or lag if either of the options happen or don't happen.
  3. Set up the equation and compare: Compare the results of the above two steps and see which option has an overall high benefit rate.

This will allow the consumer to analyse both his options and chose the best one.

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How do substitutes affect demand?
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With the increase or decrease of the prices of substitutes, the demand of the substitute goods also decreases or increases.

Explanation:

Substitutes are the products which can be used in place of another product. For example, a cup of coffee can be taken instead of a cup of tea, or Coke can be taken instead of Pepsi.

Change in the price of Substitutes can affect the demand of other substitutes. If the price of a product increases, then the demand of its substitute increases, and if the price of the product decreases, then the demand of its substitute also decreases.

We can understand this relation with an example. Suppose the product is tea. The substitute of tea is coffee. If the price of tea increases, then people will definitely move towards the substitute, which is coffee. This will increase the demand for coffee. Similarly, if the price of tea decreases, people will buy more tea than coffee, which will decrease the demand for coffee. This is how the substitutes affect demand of each other.

Learn more about substitutes at:

brainly.com/question/12566919

#LearnWithBrainly

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