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Who makes the Baltimore bass guitar?
The Baltimore line of guitars and basses are the products of Music Link. in 2010 music link had a falling out with their offshore manufacture who decided the quality of their products needed to have a major increase in price, to which Music Link said NO and discontinued the Tele, & Strat models of the Baltimore line and have chosen to continue to make the Baltimore Bass, as none of their other brands like Johnson or AXL have a quality bass at a low entry price level.
What is intelligent consumer?
A person who knows the quality of products, how much to spend for products, and where to purchase them for the lowest price. Read The Secrets of an intelligent consumer.
How much is your Queen LIVE Killers record worth?
Many of these records are worth a price close to $10 each. The exact price will depend upon the condition of the record and how it is displayed.
What is the value of the Glenn Miller Years Readers Digest RCA 6 LP set?
Many of the records sets are worth a price close to $35 each. The exact price will depend upon their condition.
How is a consumer cheated?
One way is by selling low quality products at a very high price. Another is for the vendor to not back up a warranty.
Two goods are substitutes if a decrease in the price of one good?
Price will increase
Price of substitutes and complements vs price of commodities?
Relationship of good price to price of substitutes and complements: 1) Substitutes: as the price of substitutes for a good falls, the price of a good must fall in order to maintain demand. 2) Complements: as the price of complements falls, the price of a good can increase and still maintain the same level of demand.
When would you want to own a business that sells price elastic products?
You would want to own a company that offer price elastic products when there are no close substitutes. Although customers will respond to changes in price, they won't be able to substitute another product for yours.
What is close subsitute of a product?
A close substitute of a product is one which can easily replace it - eg margarine is a close substitute of butter. Two products are substitutes if they have a positive cross-elasticity - as the price of one increases, the quantity of the other increases
What is the difference between substitutes and complements in economics?
In economics, substitutes are products that can be used in place of each other, while complements are products that are used together. Substitutes have a negative relationship in demand, meaning when the price of one goes up, the demand for the other increases. Complements have a positive relationship in demand, meaning when the price of one goes up, the demand for the other decreases.
In what would the price of a good be most likely to increase?
People would consume less of the good and look for substitutes
What are significance of cross price elasticity?
Cross price elasticity measures the connection between the price of one product and the demand for another product, so it is used to determine whether products are complements, substitutes, or unrelated. For example, if the price of aluminum foil rises and, as a result, the demand for plastic wrap rises, then the cross price elasticity will be a positive and significant number and will support the assertion that these two products are close substitutes. Companies have even used this to defend against allegations of monopoly power, using the cross price elasticity number to demonstrate that they do not have a monopoly since consumers can easily switch to a good substitute.
How do substitute goods and complementary goods affect demand for another good?
Substitutes and complements is the fact that a change in price of one of the goods has an impact on the demand for the other good. For substitutes, an increase in the price of one of the goods will increase demand for the substitute good. (It's probably not surprising that an increase in the price of Coke would increase the demand for Pepsi as some consumers switch over from Coke to Pepsi.) It's also the case that a decrease in the price of one of the goods will decrease demand for the substitute good.
Under what circumstances will a monopolistically competitive firm's demand curve be least elastic?
A monopolistically competitive firm's demand curve will be least elastic when its products are unique and have few close substitutes, leading to less responsiveness to price changes by consumers.
Why do firms try to sell more products or to sell them at higher prices?
To increase revenue. Revenue = Price x Quantity sold. So if a firm sells more products and/or sells products at a higher price, revenue will increase.
What signs are the cross elasticities for substitute products?
Cross elasticity of demand for substitute products is positive. This means that if the price of one product increases, the demand for its substitute tends to increase as well, indicating that consumers will switch to the alternative. Conversely, if the price of the substitute decreases, the demand for the original product may decrease. This positive relationship highlights the competitive nature of substitutes in the market.
Explain how a change in price affects the demand for a product substitutes?
The change in price can affect the demand for that product. If the price increases people will look for cheaper substitutes.
