OE_DQ Response

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Q1. Please read the paragraph and write your opinion. Would you agree or disagree or any comments?

Note: 150 – 200 words with intext citations must along references.

Let us consider movies costs $40 and restaurant meals $60 for a family per week where they are doing one movie and two restaurant meals in total with an expenditure of $160 per week. Suddenly the price of movies decreased to $33.34, so they have decided to go to 3 movies per week instead of two but have to decrease their restaurant outing to 1 to be within the budget of $160 per week. So, instead of cutting back 2 movies per week they are willing cut just one restaurant meal per week. Here we can see that the relative price of movies vs restaurant meals lead to an increase quantity of demand in the movies (Mcguigan, Moyer, & Harris, 2017).

Q2. Please read the paragraph and write your opinion. Would you agree or disagree or any comments?

Note: 150 – 200 words with intext citations must along references.

consider coffee is a consumer good. When the increase in the price of the coffee, then the consumers substitute the tea by increasing its demand. If the quality of the tea is not maintained and the price is decreased then the consumers will substitute for coffee. If the income of the consumers is high then in case the good price is increased by enhancing its quality then the consumers continue to buy the same product.The demand raised with a fall in price and increases with the rise in price. Some people are very much attracted and addicted to particular brands even if the price is increased also they continue to use these products (Jain & Li, 2018).