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alexgriva [62]
2 years ago
8

What is it called where consumers react to rising prices by consuming less of a good and more of it's competitors?

Business
1 answer:
adelina 88 [10]2 years ago
6 0

Answer:

Substitute Effect

Explanation:

When a product's price increases, it becomes relatively expensive compared to its alternatives. The high price will encourage consumers to choose other goods that are relatively cheaper. Consequently, the price increase reduces the demand for the product while increases the demand for its substitutes.

The substitution effect describes how consumption is affected by an increase or a decrease in a product's price.

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Matthew​ Liotine's Dream Store sells water beds and assorted supplies. His​ best-selling bed has an annual demand of 410 units.
never [62]

<u>Given:</u>

Annual demand = 410 units

Ordering cost = $41

Holding cost = $5 unit per year

<u>To find:</u>

Number of units to be ordered each time an order is placed

<u>Solution:</u>

On calculating the number of units,

\Rightarrow \sqrt{(\frac{2(390)(38)}{5})} \rightarrow\sqrt{\frac{780\times38}{5}}= 76.99

Therefore, to minimize the total cost, approximately 77 units should be ordered each time an order is placed.

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A young couple living in rural west-central Missouri heard about the closing of a local grocery store. Although a small operatio
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Answer:

The correct answer is letter "C": the invisible hand.

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3 years ago
It is only necessary to underline vocabulary words identified in a test question. Please select the best answer from the choices
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Answer:

The answer you are looking for is false

Explanation:

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A metallurgical engineer decides to set aside money for his newborn daughter's college education. He estimates that her needs wi
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Answer:

what should be the size of each deposit, if the account earns interest at a rate of 8% per year?

$2477,81

Explanation:

% N Monthly          % VF

1,08 0 2477,81117 1,00 2.477,81

1,08 1 2477,81117 1,08 2.676,04

1,08 2 2477,81117 1,17 2.890,12

1,08 3 2477,81117 1,26 3.121,33

1,08 4 2477,81117 1,36 3.371,03

1,08 5 2477,81117 1,47 3.640,72

1,08 6 2477,81117 1,59 3.931,97

1,08 7 2477,81117 1,71 4.246,53

1,08 8 2477,81117 1,85 4.586,26

1,08 9 2477,81117 2,0 4.953,16

1,08 10 2477,81117 2,16 5.349,41

1,08 11 2477,81117 2,33 5.777,36

1,08 12 2477,81117 2,52 6.239,55

1,08 13 2477,81117 2,72 6.738,71

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                 -20.000,00

                 -20.000,00

                 

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Jamie is looking for a new job. She used to be the top sales representative for the region and was expecting to be promoted. How
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Answer: Performance-Reward

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