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How do indifference curves for complementary goods illustrate the relationship between the quantities of two goods that are consumed together?
Indifference curves for complementary goods show that as the quantity of one good consumed increases, the quantity of the other good consumed also increases to maintain a certain level of satisfaction. This illustrates the interdependence between the quantities of two goods that are consumed together.
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What compares or show the relationship between two quantities?
It is a ratio
What is the relationship between the demand schedule and the demand curve in economics?
The demand schedule and the demand curve in economics both show the relationship between the price of a good or service and the quantity demanded by consumers. The demand schedule is a table that lists different prices and the corresponding quantities demanded, while the demand curve is a graphical representation of this relationship. The demand curve is derived from the demand schedule, with price on the vertical axis and quantity on the horizontal axis. Both the demand schedule and the demand curve illustrate how changes in price affect the quantity demanded, showing an inverse relationship between price and quantity demanded.
Relationship between quantity and price?
When quantities are plentiful the price lowers; when quantities are scarce the price rises. Also called supply and demand. Whether or not it right or wrong, it's just the way it is and we have to accept it or do without that particular commodity.
Explain the consumers equilibrium with the help of indifference curve technique?
Meaning of Consumer's equilibriumConsumer's equilibrium is that point in which consumer consumes the combination of two goods by his limited income. He gets maximum satisfaction from these goods and never changes this situation. If he will change this point, his level of satisfaction will decrease.We can explain consumer's equilibrium with the help of indifference curve. Before explain this we need to understand following termsIndifference curveIndifference curve shows the combination of two goods which a consumer is consuming. For increasing one good's one unit, he has to leave some quantities of other second goods. The sacrificing of second goods quantity will decreasing because, law of diminishing marginal rate of substitute will apply on it.Income apple ( 0.50 per unit ) orange ( Rs. 1 per unit ) Four rupees 8 0 Four rupees 6 1 Four rupees 4 2 Four rupees 2 3 Four rupees 0 4Condition of Consumer EquilibriumPrice line must be the tangent to indifference curveIt is not necessary that price line cut indifference curve, but it is important that price line must be tangent to indifference curve. Price line when touches indifference curve, then it means that Marginal rate of substitute of apple and orange will equal to the ratio of price of apple and orange .
Define the Law of Supply?
Supply by definition: those quantities of goods and services that are produced to meet consumer's "demand" at a given price and at a given point in time;the "law" of supply simply states that supply shows the relationship between quantities supplied and and the quantity a firm is willing to supply!pricing determinants:# that as price rises more quantities are supplied (there is an extension in quantities supplied / a movement along the supply curve); # while the converse is true i.e. as price falls quantities supplied fall (contract); non price determinants: e.g. technology, weather, etc.when non-pricing determinants of supply influence supply there are shifts in the supply curve!for e.g. where weather conditions are favourable supply of agricultural production will increase and as such there will be an increase in quantities supplied i.e. a rightward shift in the supply curve; the converse is true
Line graphs can be used to illustrate the relationship between continuous quantities?
Yes.
What does an equation that shows a relationship among certain quantities?
It shows a relationship among certain quantities.
4 kinds of relationships between the physical quantities?
Direct relationship: When two quantities increase or decrease together. Inverse relationship: When one quantity increases while the other decreases. Linear relationship: When the relationship between the quantities can be represented by a straight line. Nonlinear relationship: When the relationship between the quantities cannot be represented by a straight line.
How are the relations between quantities be stated?
The relations between quantities are stated by multiplicative relationship between the quantities.
What is an equation that expresses a relationship between two or more quantities?
an equation that expresses a relationship between two or more quantities
Why is coordinate planes used today?
There is a consensus of mathematicians that realize this is an easy way to illustrate mathematics concepts. Business uses graphs as well to illustrate profit, loss, manufacturing quantities, and other things. Science uses it to investigate and fin relationships between variable quantities.
What is the equation that shows the relationship among certain quantities?
The answer depends on the quantities and the nature of the relationship. It can be a line-of-best-fit (or regression line), or a formula.
What compares numbers of quantities?
Comparing numbers of quantities involves evaluating their relative sizes or values to determine which is greater, lesser, or equal. This can be done using mathematical operations such as addition, subtraction, multiplication, or division, as well as through visual representations like charts or graphs. Common tools for comparison include inequalities and ratios, which help illustrate the relationship between different quantities. Ultimately, the goal is to gain insights into how quantities relate to one another.
What graph would best show the relationship between two quantities as those quantities are changing?
parabola
What is the ratio of two quantities that change?
It is a non-linear or non-existent relationship between the two quantities.
What is the simplified proportional relationship called?
A proportional relationship between two quantities is one in which the two quantities called the unit rate, the rate of change, or the constant of proportionality.
What shows the relationship between two quantities?
A ratio shows the relationship between two quantities.Formula
