The economics concepts of income effect and substitution effect express changes in the market and how these changes impact consumption patterns for consumer goods and services. The income effect expresses the impact of increased purchasing power on consumption, while the substitution effect describes how consumption is impacted by changing relative prices. Different goods and services experience these changes in different ways. Some products, called inferior goods, generally decrease in consumption whenever incomes increase. Consumer spending and consumption of normal goods typically increases with higher purchasing power, in contrast with inferior goods.
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Answer:
on your goal or achievement
Answer:
The correct answer is: Moral awareness.
Explanation:
Moral awareness refers to the set of actions individuals take driven by values and beliefs that drive them not to only think about themselves but also in the consequences on others. In business, companies need to consider what the impact of their actions is with their surrounding environment and their inner circle -employees.
Answer:
The person is NOT spending her income for both goods in a manner that maximizes her satisfaction.
Explanation:
Based on the information given The person is NOT spending her income for both goods in a manner that maximizes her satisfaction which means that she would have to INCREASE baseball games consumption and DECREASE movies consumption reason been that we were told that an individual enjoys going to baseball game three times compare to seeing new movie which therefore means The price of the ticket for a baseball game which is the amount of $30 should be increase while the price of a ticket for a movie which is the amount of $15 should be decrease.
Answer:
Marley could not meet a rapid rise in demand
Explanation:
- A marketing penetration strategy means that a business deliberately reduces the product offered to the market. The purpose of setting a lower price is to entice consumers to buy the product, thereby creating demand for it.
- The penetration strategy discourages other companies from entering the market. Marketers who use this strategy want to establish a large market share for a product in a short period of time.
- Mary cannot implement a market entry strategy because of limited production capacity. This approach increases production demand in a short period of time. Mary cannot afford the increase in demand at the moment.
