I don't think anyone wants to buy our hot chocolate...
Quantity
Quantity
Demand
Quantity Demanded
Income effect: When consumers have more money they are willing to buy more.
Substitution effect: The tendency of consumers to replace a higher priced products with similar, cheaper products. Example: Why buy a can of Pepsi when the price of a can of Coke is cheaper
Law of diminishing marginal utility: As consumers consume more of a product, each additional unit becomes less satisfying.
I don't think anyone wants to buy our hot chocolate...
Quantity
Quantity
Demand
Quantity Demanded
Income effect: When consumers have more money they are willing to buy more.
Substitution effect: The tendency of consumers to replace a higher priced products with similar, cheaper products. Example: Why buy a can of Pepsi when the price of a can of Coke is cheaper
Law of diminishing marginal utility: As consumers consume more of a product, each additional unit becomes less satisfying.
I don't think anyone wants to buy our hot chocolate...
Quantity
Quantity
Demand
Quantity Demanded
Income effect: When consumers have more money they are willing to buy more.
Substitution effect: The tendency of consumers to replace a higher priced products with similar, cheaper products. Example: Why buy a can of Pepsi when the price of a can of Coke is cheaper
Law of diminishing marginal utility: As consumers consume more of a product, each additional unit becomes less satisfying.
I don't think anyone wants to buy our hot chocolate...
Quantity
Quantity
Demand
Quantity Demanded
Income effect: When consumers have more money they are willing to buy more.
Substitution effect: The tendency of consumers to replace a higher priced products with similar, cheaper products. Example: Why buy a can of Pepsi when the price of a can of Coke is cheaper
Law of diminishing marginal utility: As consumers consume more of a product, each additional unit becomes less satisfying.