Soft Drinks and Milk Are Substitutes for Consumers

question 421

Essay

Soft drinks and milk are substitutes for consumers. Draw a graph showing the effect of an increase in the price of milk on the demand for soft drinks.

---

Definitions:

Expert System

A computer program that uses artificial intelligence techniques to simulate the judgment and behavior of a human or an organization with expert-level knowledge in a specific field.

Optimal Layout

The most efficient arrangement of resources, equipment, and spaces within a facility to maximize productivity and reduce costs.

Decision Support System

A computerized information system used to support decision-making activities, gathering and analyzing data to help make informed choices.

Executive Information System

A digital dashboard that helps executives to make decisions by providing easy access to important business metrics and data.