Better business bureau (BBB)-Non-profit organization is sponsored by local business. It offer a variety of consumer services at no charge to help with consumer complaints.It can provide consumer education materials‚ answer consumer questions‚ and provide general information about a company’s consumer complaint record. Food and drug administration (FDA)-Federal agency that was formed to set and enforce safety standards for food‚ drugs‚ and cosmetics.They have the authority to stop the sale of an
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budget. c. unaffordable combination of sodas and DVDs. d. affordable combination of sodas and DVDs but whether it spends the entire budget cannot be determined from the figure. e. None of the above answers is correct. 5. If the price of a good that a consumer purchases falls‚ the consumer’s budget line will a. rotate outward and its slope will change. b. rotate inward and its slope will change. c. shift outward and its slope will not change. d. shift inward and its slope will not change. e. either rotate
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of a diskette‚ A is the level of advertising and Y is the level of income. (i) Suppose P = 10‚ Pc = 100‚ Pd = 2‚ A = 5 and Y = 50‚ determine the price elasticity of demand of X-Fear. (ii) Based on your answer to part (i)‚ will consumers spend more on purchasing the
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there is an expansion in demand and when less is consumed due to an increase in price‚ it is said to be a contraction in demand. A shift in the demand curve: Factors which do cause a shift in demand include: consumer tastes‚ fashion and trends‚ income‚ population‚ income distribution‚ consumer expectations and technology. When there is a change in any one of these determinants of demand there will be an alteration in the demand curve. Since these changes are not a cause of changes in price‚ there
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is better than none but too much choice can make people unhappy. The more options there are to choose from the chances of the consumer actually picking one decrease. Also increased expectation for the particular chosen option is increased‚ making it easier for the consumer to feel dissatisfied due to the option lacking in any way. Once everything is decided‚ the consumer can feel further discontent is when they think about the other possibilities if they had chosen
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Fundamentals of Microeconomics In the world today product and services are both key to the survival of mankind. Depending on the demand from consumers‚ companies will see an increase or decrease of the items they produce or the service rendered. In the article of trends in US gasoline and ethanol use and petroleum production and imports these items will be looked at; as well as a discussion of the fundamentals of microeconomics. First‚ in order to understand what the fundamentals of microeconomics
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Consumption has many categories inside of it. Environment‚ education‚ popular culture all have major aspects that have to do with consumption. However‚ Consumption in the environment has become an issue in the past few years due to deforestation and lack of natural resources. Consumption has created a decline in what people think they need to use due to the standards set out by the others in the country‚ resulting in large numbers of resources diminishing. In order to fix this‚ we need to lower out
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Date: May 2012 (Excerpt) Research and Investment Forecast Evaluation of Toothpaste Market in China‚ 2011-2015 11. Consumer Market Analysis of China’s Toothpaste Industry 11.2 Target Consumer Group Research of Toothpaste Products 11.2.3 Consumer Views to Demanded Suitable Toothpaste Type Fig. 40 Demand of Suitable Toothpaste Type Types of Toothpaste Usage Number Consumer Type of ratio Herbaceous Type 85 35% Whitening Type 109 44% Chinese Herbal Medicine Type
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ANSWERS to Homework #7 E201 Spring 2009 1. If the government places a $500 tax on luxury cars‚ will the price paid by consumers rise more than $500‚ less than $500‚ or exactly $500? Explain. Price will rise by less than $500. The only way price could rise by exactly $500 is if demand (or supply) is perfectly inelastic. 2. The FICA tax funds Social Security programs. Congress established a 15.3% FICA tax rate; by law‚ the tax burden is split 50-50 between employer and employee. So‚
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theoretic models of the household behavior. Larger households economize money and time by sharing expenses and specializing labor within and outside of the home. A “paradox” arises when the budget share of food declines with household size in the consumer expenditure survey data contradicting the Barten model prediction that per capita food consumption should increase with household size. I test the Barten model in the expenditure data from the U.S.‚ South Africa and Russia‚ and show that the share
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