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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.
Why is jewelry an elastic demand?
Let me rephrase the question: Why is demand for jewelry elastic? Or why is price sensitivity high for jewelry? Firstly, the consumer has a low/nil income. The lower the income, the higher the probability that he/she has high price sensitivity. E.g. if a student is buying jewelry, he/she'll probably go right for the cheaper range of jewelry and not the branded jewelry. On the other hand, if the consumer is rich, he/she won't care so much about the price of the jewelry. Secondly, the jewelry item has many close substitutes for it. If there are many close (and cheaper) substitutes, the consumer has more choice. So it is likelier that he/she might choose the cheaper substitutes if he/she thinks that one item is priced out of the market.
What are examples of products that have elastic demand, and why do their prices fluctuate significantly in response to changes in consumer demand?
Examples of products with elastic demand include luxury goods, such as designer clothing and high-end electronics. These products have elastic demand because consumers can easily substitute them with cheaper alternatives if their prices increase. As a result, their prices fluctuate significantly in response to changes in consumer demand because even small shifts in demand can lead to large changes in price to maintain sales levels.
What is the impact of the substitute effect on consumer behavior and market dynamics?
The substitute effect influences consumer behavior and market dynamics by causing consumers to switch to cheaper alternatives when the price of a product increases. This can lead to changes in demand for different products and affect competition among businesses in the market.
What is the substitute effect in economics and how does it impact consumer behavior?
The substitute effect in economics refers to the idea that when the price of a good or service increases, consumers may choose to buy a cheaper alternative instead. This impacts consumer behavior by influencing their purchasing decisions based on the availability and affordability of similar products.
Where can you get reasonable dog agility equipment?
For my dog's supplies, I usually go to TrainPetDog.com Dog Supplies because they have cheaper prices compared to other online stores. I also get coupons and discounts sometimes.
Why should power supplies be replaced instead of repaired?
Because most of the time its cheaper to get a new one that to get it repaired.
Why do sweatshops exsite?
Sweatshops are in place because it is much cheaper to make whatever goods are made there. Employees are paid much less than those who work in quality factories. The company benefits from cheaper workers and the consumer benefits from cheaper goods.
Is staples target or Walmart better to shop for school supplies?
its really walmart because when it starts getting close to start school walmart has the better supplies to shop for and have cheaper supplies but if u think its target go ahead but in my opinion walmart is best for people to shop for supplies
Do cheaper supplies fall apart quicker?
Yes you get what you pay for.
What did Cornelius Vanderbilt try to do in Nicaragua?
He tried to build a canal in Nicaragua. The reason is because he was the controller of delivering supplies and this would be a lot cheaper and faster if he built a canal.
The company I work for goes through a lot of hospitality supplies. Is it cheaper to purcahse commercial hospitality supplies?
Yes. It would be cheaper for you to buy commercial hospitality supplies in bulk. Commercial suppliers usually have lower rates, and as a qualified business, you would be exempt from paying sales tax on your purchases.
What are the advantages in petrol engine?
Cheaper to built and therefore cheaper for the consumer to buy than a diesel. Fuel costs less than diesel.
Why are prices cheaper at a consumer cooperative?
Cooperatives are not for profit, but to serve the community. A corporate structure doesn't operate it, but a community of people operate it and makes the decisions as a group. Often members also grow many of the fresh produce sold there. So, it is directly from the farm to the table without the middle man taking a cut.
Who sells mailing supplies cheaper - the post office or retailers?
Mailing supplies can typically be found for better rates at retail locations. The post office does offer some mailing supplies as well.
Is Petsmart or Walmart cheaper to buy cat supplies?
No Petsmart and Walmart are not the only places to get good quality cat supplies. I know many different places online and other stores to purchase theses supplies
How do you get a cheaper ferret without the cage and supplies?
ferrets are not cheap, caring properly for them is quite expensive. If you don't have the money for a ferrets cage and supplies, just get a dog instead.
