Answer:1) how responsive quantity demanded is to changes in income--A 2) income elasticity of demand for butter is 0.11. That means butter is a luxury good---A
Explanation:
1) Income elasticity of demand refers to the responsiveness of the quantity demanded for a certain good to a change in income of consumers who purchase this good.The higher the income elasticity of a good, the greater the consumers' response in their purchasing lifestyle.
The formula for Income elasticity of demands given by
The percent change in quantity demanded divided by the percent change in income.
2) Income elasticity of demand, helps us to identify if a particular good represents a necessity or a luxury.
-when the income elasticity for a good is less than 1(ie from 0-1) we say that the good is a normal good. these goods are also called necessity goods and consumers will purchase them irrespective of the changes in their income eg water, electricity
- when the income elasticity of a good is greater than 1 , we say that the good is a luxury good. eg butter
- An inferior good is one with a negative income elasticity which means rising incomes will lead to a drop in demand.
Grasping, strategies for problem-solving, driving a car, and balancing a budget are all examples of Schemas.
<h3>What is Schemas?</h3>
A schema is defined as a pattern of contented or behavior that handles informational categories and the relations between them, according to psychology and cognitive science.
Schemas can be seen in the act of grasping, problem-solving techniques, operating a vehicle, and budgeting.
Therefore, the given events are the examples of Schemas.
To learn more about the Schemas, refer to;
brainly.com/question/18959128
#SPJ1
Answer: Using television advertising
Explanation:
Push marketing strategy, refers to the strategy whereby take its products to the consumers in order to increase the exposure of the product.
Push marketing simply means pushing the brand through the use of promotions and paid advertisiment. On the other hand, pull strategy draws customers towards the product.
Answer:
<em>Quasi Contract</em>
Explanation:
A quasi contract <em>is a two-party retroactive agreement that has no prior commitments to each other.</em> A judge creates it to correct a situation where one party at the expense of the other obtains something.
The agreement is intended to prevent one party from taking undue advantage of the situation at the expense of the other party.
