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How can a consumer can attain equilibrium through ic curve?
consumer attains equilibrium if the price of good by seller is same as price decided by buyer.
If a good is inelastic in economics, how does its price elasticity affect consumer demand and overall market dynamics"?
When a good is inelastic in economics, its price elasticity is low, meaning that changes in price have little impact on consumer demand. This can lead to stable consumer demand and market dynamics, as consumers are less sensitive to price changes and are likely to continue purchasing the good even if the price increases.
What factors determine whether a good is classified as an inferior good, and how does consumer behavior change when the price of an inferior good decreases?
Inferior goods are classified based on consumer behavior, specifically when demand for the good decreases as consumer income increases. When the price of an inferior good decreases, consumers may choose to buy more of it because they perceive it as a cheaper option compared to other goods. This change in consumer behavior is driven by the inverse relationship between the price of the good and consumer demand.
1 How does consumer perception of the product value can set the ceiling for prices?
Consumers do not set a price ceiling on goods. Only the government can set a price ceiling. However, the consumer perception of a good's value does affect the equilibrium price and quantity demanded. This is the price that the good is sold at and how many of the good is demanded at that price.
What happened with the consumer surplus when the price rose?
Consumer surplus = Total amt consumers are willing to pay - Total amt consumers actually paid. Hence, if there is an increase in price of a good, consumer surplus decreases.
How can consumer surplus be calculated from a table?
Consumer surplus can be calculated from a table by finding the difference between the maximum price a consumer is willing to pay and the actual price they pay for a good or service. This difference is then multiplied by the quantity purchased to determine the total consumer surplus.
What is price consumption curve?
price consumption curve :this indicates the income of the consumer being given,how the demand of a good will be effected with change in its price.it means that both price consumption curve and demand curve indicate different quantities of a good demanded by the consumer at different prices.
How does consumer expectation affect demand for goods?
Consumers will buy more of a good when its price is lower and less when its price is higher.
What is perfectly inelastic demand?
This occurs when price changes but demand does not change. Consumer buy same quantity despite the change in Price and PED is 0
Which of these is an example of a market economic system?
The Price of a good or service is detrimend by consumer demand
What is the price paid by a consumer called?
It is called the consumer price. It may also be called the retail price.
How does consumer expectation affect demand for certine goods?
Consumers will buy more of a good when its price is lower and less when its price is higher.
