Consumer behaviour

Derived demand for labor depends on the market value or product price of the good or service (McConnell, Brue, & Flynn, 2011). The demand for labor depends on productivity of the market value of goods produced (McConnell, Brue, & Flynn, 2011). The production of products is done by laborers, or the labor demand, and the derived demand is from the demanded product that is done by the same laborers. The concept helps determine the demand for the labor of specific goods, what is needed, how much is…

2-part tariff which capture all or most of the consumer surplus, in a monopolistic market. Consumer surplus is the difference between the consumer willingness to pay for a good, compared to the total amount the consumer actually pay. Furthermore, firms have to adjust their 2-part tariff pricing according to the type of consumer demand present in the market. A 2-part tariff is a second-degree price discrimination technique which consist of charging consumers with 2 fees, an entry fee for the…

Q1 (a) The demand can be defined as willingness and ability of consumers to pay and supply can be defined as the willingness and ability to sell. Besides, a tax is a type of measurement for the government to regulate the market and it can get a revenue from that. In fact, a tax will make both supply and demand decrease because buyers should pay a higher price and sellers will spend cost more money to supply. The diagram of tax on sellers will be shown following. As shown in diagram (a), the…

nfluence of Annual Household Income on Going to College Introduction: There comes a time when some families must make the decision of whether or not to send a child to college. There are many benefits to a college education that become noticeable throughout a person’s life such as a higher salary than those of an individual without a college degree. College may also produces a multitude of long term setbacks to overcome with the largest being debt. Therefore the family must consider a…

Maharashtra in India, that is dedicated to enabling communities to reclaim their agency for narration by reimagining their positionality as subjects of narratives, to consumers of narratives. Kyun Bayaan Karein? (Why should we narrate?) This project is centered around highlighting the privilege of consumption. Consumption is a consumer-driven and producer determined force, wherein the construction of the “consuming subject” determines who can be constructed as a “consumable subject”, to…

Positive correlation: If the increase or decrease in one variable affects the increase or decrease in another variable, we say that the two variables are positively correlated. Negative correlation: If the increase or decrease in one variable affects the decrease or increase in another variable, we say that the two variables are negatively correlated. Correlation coefficient: It studies about the degree of the relationship between the two variables. Or it studies about the strength of the two…

ASSIGNMENT – 1 1.) B2B is a trade exchange between organizations. For this situation, one business offers items or administrations to another business. Case in point, a maker can offer to a wholesaler, or a wholesale can offer to a retailer. Business-to-Business innovation is a mechanical administration or item sold to a business by another business to achieve innovative assignments . Not all organizations can design their own innovations, so they need to purchase that innovation from different…

1. Demand is the quantity demanded of goods and services at a given time. Demand has an inverse relationship as the law of demand states: as price increases, Qd decreases and as prices decreases, Qd increases. The relationship is negative therefore the demand curve is a downward curve with a negative slope. If a carpet costs 10kwd, there is 20Qd. When the prices decreases to 5KWD, Qd increases to 40. When price increases to 15KD, Qd for carpets decreases to 10. Supply is the quantity supplied…

1.What does a supply curve illustrate? What would make the supply curve shift? Provide two examples from the market for orange juice where supply contracts (curve shifts left). The supply curve illustrates the how much the sellers are willing to supply a good at different prices, as the price goes up the supply will increase and as the price goes down the supply will decrease. The supply curve shifts because of changes in costs or technology innovations, these changes can shift the supply curve…

word iso, meaning equal) is a contour line joining the set of all points at which a quantity of output is produced while varying quantities of two and/or more inputs. An indifference curve mapping helps us to arrive at the utility-maximization of consumers, the isoquant mapping deals with the cost-minimization of producers. Isoquants are ideally drawn alongside isocost curves in capital-labour graphs, showing the technological trade-off between capital and labour in the production function, and…