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…For example, instead of buying expensive fur coats, women will instead purchase expensive lipstick or luxury cologne. Psychology Behind The Lipstick Effect The underlying implication is that consumers will buy…

…Example Here’s one example that’s pretty easy to understand. Consider that it costs a great deal of money to fly a plane across the United States—for instance, from New York…

…it describes how effectively and efficiently—in other words, profitably—a particular company or business is producing its goods or services. At this point, all factors of production are variable (not fixed)…

…consumers and producers. Substitution Effect Example Let’s say you buy apple juice at $5 per 16-ounce bottle and orange juice at $2.50 per 16-ounce bottle. One bottle of apple juice…

…equimarginal principle states that consumers choose combinations of various goods in order to achieve maximum total utility. In other words, consumers will allocate spending their incomes across goods/services so that…

…Example of perfectly elastic supply Although it is quite challenging to locate real-world examples of perfectly elastic supply, there are a few possible examples. For instance, a perfect competition labor…

…situation by rationing supplies, decreasing production levels or lowering the quality of production, making the consumer pay extra for otherwise free elements of the good (features, options, etc.), and more….

…true after the buyer agrees to a price and is sitting in the financing office. At this point, he only wants to complete the deal. Buyers often agree to extras,…

When consumers’ income limits their consumption behaviors, this is known as a budget constraint. In other words, it’s all of the many combinations of goods/services that consumers are able to…

…option is, therefore, a decoy serving to increase preference for the dominating option. Decoy Effect Examples For example, if we consider a set of MP3 players, consumers will generally see…

…the good. For example, the production of steel results in pollution being released into the air, but the cost of the pollution to the environment is not reflected in the…

…governments can use tax revenue to subsidize (or even make completely free) things like college education, thereby encouraging more youth to go to college. In this example, the positive externality…

…also increases. When the price of the good on the market decreases, the producer surplus likewise decreases. Producer Surplus Example Because it is essentially the same across all producers, coffee…

…consumer pays (“actual price”). Consumer Surplus Example Let’s apply the above formula to an example situation. Let’s say there is a consumer who is in search of a car that…