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Is the absolute price of a good is the price of that good in terms of another good?
No, the absolute price of a good refers to its price expressed in a specific currency, such as dollars or euros. In contrast, the relative price of a good is its price in terms of another good, representing the opportunity cost of choosing one good over another. Thus, absolute price and relative price are distinct concepts in economics.
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How price of related goods affect demand?
Price of related goods fall into two categories: substitutes and complements. Complements are when a price decrease in one good increases the demand of another good. Substitutes are when a price decrease in one good decreases the demand for another good.
Is a luxury good always considered superior to a normal good in terms of quality and price?
No, a luxury good is not always considered superior to a normal good in terms of quality and price. Luxury goods are typically more expensive and associated with higher quality, but this is not always the case. Quality and price can vary for both luxury and normal goods.
What is the definition of absolute advantage?
Absolute advantage exists when one economic agent can strictly produce more than another agent in a given good or service. This is different from comparative advantage, which occurs when an economic agent can produce for a lower opportunity cost than another agent.
What does the slope of a budget line reflect?
the price of goods on the x axis in terms of the good on the y axis
The price of good risescausing the demand for another good to fallthe two goods are therefore substitutes. do you agree?
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Is nudism good?
In absolute terms it is neither good nor bad. However society has conventions that make nudism taboo in most circumstances.
How price of related goods affect demand?
Price of related goods fall into two categories: substitutes and complements. Complements are when a price decrease in one good increases the demand of another good. Substitutes are when a price decrease in one good decreases the demand for another good.
What is a good product?
A good product is one which satisfies a customer fully in terms of quality, quantity and price.
Is a luxury good always considered superior to a normal good in terms of quality and price?
No, a luxury good is not always considered superior to a normal good in terms of quality and price. Luxury goods are typically more expensive and associated with higher quality, but this is not always the case. Quality and price can vary for both luxury and normal goods.
What is the definition of absolute advantage?
Absolute advantage exists when one economic agent can strictly produce more than another agent in a given good or service. This is different from comparative advantage, which occurs when an economic agent can produce for a lower opportunity cost than another agent.
Where can i buy the best digital camera for a good price?
Ebay.com always has digital cameras for the absolute cheapest if you are bidding. Amazon.com is also another great place and even allows you to see multiple sellers that shows the price of the camera and the shipping cost. If you have Amazon Prime then 2 day shipping is free!
What is cross price elasticity?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
When the decrease in the price of one good causes the demand for another good to decrease the goods are?
substitue
What does the slope of a budget line reflect?
the price of goods on the x axis in terms of the good on the y axis
What is cross price elasticity demand?
Cross price elasticity of demand measures the responsivenss of demand for a product to a change in the price of another good.
Is the Alienware X51 a good computer yes or no?
In terms of consumer happiness and overall consumer satisfaction yes. But the price point on it is very high. I would choose another computer to purchase, you could find one just as good but cost much less.
The price of good risescausing the demand for another good to fallthe two goods are therefore substitutes. do you agree?
WHAT
