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How does price level influence consumption?
typically the higher the price the lower the consumption
What are factors that determine when a substance is toxic and unfit to human consumption?
what are the factors that determine when a substance is toxic and unfit for human consumption
How will get Sweater yarn consumption price quotation formula?
How will get Sweater yarn consumption & price quotation formula?
Differentiate between price consumption and income consumption curve?
the main difference in these is this that when price of any of commodity (x,y) decrees but the budget remain same it will show price consumption curve and when income increase and the price of commodities (x,y) remain same it will show the Income consumption curve.
What is a price consumption line?
A price consumption lines show a consumer's demand for a good or service after price changes. It is draw through the equilibrium of an indifference curve and the budget line
What is price consumption curve?
price consumption curve :this indicates the income of the consumer being given,how the demand of a good will be effected with change in its price.it means that both price consumption curve and demand curve indicate different quantities of a good demanded by the consumer at different prices.
Explain what determine the optimum level of consumption for a consumer?
what determines the optimum consumption of an consumer is their income and their demand for goods and services.
What is the income consumption curve?
Income Consumption curve (icc) is a curve which determine the consumption of a consumer base on in his/her income When Income is High, Spending Capacity increases, higher the spending capacity - more the demand. Thus converse to the original demand theory which says, PRICE determines Demand, ICC theory says, INCOME of a PERSON determines the Demand for a Product
What determine the aggregate level of consumption in an economy?
Biscuit and cream biscuit
What determine price?
The price determinates are the factors that will determine the price of a particular commodity, These factors are quantity supplied, quantity demanded and the cost of production.
Derivation of demand curve from price consumption curve?
From the question I believe you know what is price consumption curve, so I start from there. After maximising utility we find the optimal consumption bundle called the demand functions. These demand functions are functions of prices and income. A price consumption curve is the locus of points that connect the optimal demand functions as any one commodity price changes (ceteris paribus). Now if we remember, a demand curve is a downward sloping line in a Price X Quantity framework of a particular good. And it is clear that from the Price consumption curve that as prices increase we reduce the consumption of that commodity and substitute it with the other goods. In a partial equilibrium framework i.e. Price x Quantity framework everything else is held constant, therefore as price of say "Y" increases putting in the demand function we will get that its consumption falls, hence getting a downward sloping DD (demand Curve).
The excess of price a person is to pay rather than forego the consumption of the commodity is called?
Answer: High Price.
