Question

Select an item in your room that cost you more than $50 excluding your phone, then aswer the following questions:
What country was the item made in ?
Is it an imported item or made in the U.S.?
Is there a complementary item to your selection?
what is a substitute good or service?
How much did you pay?
What is the price now?
Would you buy it again at the same price ?
would you buy it if the price increased by 50%?
Is the market for the item competitive or not?
Would you buy more of the item if the price remain the same? why?
Did you compare prices with other items ? How did you compare prices?

Answer 1

Consider my Car which is Volkswagen Polo

1) The car was made in Germany

2) it is an imported item

3) The complementary item to my selection is reduction in fuel prices as fuel and car are complementary goods

4) A substitute good is the one which can replace the existing good

5) The price I paid is $10,000

6) I would buy at the same price as the car is good

7) I would go for substitutes if the price increases

8) The market is oligopolistic in nature

9/ No, I'm enough with one car as beyond that is a luxury

10) I compared prices using the online portal and by visiting show rooms.