#5 How might different cultures be a determinant of demand?
Certain cultures may demand more of particular goods than others as part of daily life -- like there is more of a demand for rice in Asia, and corn in Latin America. Also, climate can cause certain fabrics to be more in demand or 'necessary' than others in different regions. The idea of perfect substitutes may also vary, as in largely non-pork consuming Israel, chicken may be seen as a perfect substitute for beef, but in the United States pork, chicken, and hot dogs might be seen as a perfect substitute for beef that has increased in price.
#6 How might the method of delivery (e.g., the Internet) affect the perceived attributes of a product or service?
The Internet may cause certain consumers to subjectively...
Economics Marginal Rate of Substitution (MRS) is the rate that an individual is ready to give up from "good A" to obtain one or more unit of "good B" while keeping the overall utility constant. In other words, MRS reveals how many units of good x that an individual is ready to give up to gain extra unit of good y while keeping the same level of utility constant. The MRS
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