Explain the Potential Influence of Culture,subcultures and Social Class on Consumer

question 79

Essay

Explain the potential influence of culture,subcultures and social class on consumer behaviours.Illustrate using a food product.

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Definitions:

Marginal Rate of Substitution

The rate at which a consumer is able to sacrifice a certain amount of one product for another while keeping their level of satisfaction unchanged.

Good X

A term used to represent an unspecified product or commodity in economic models and analyses.

Good Y

Refers to a hypothetical product or commodity used in economic models and theories to analyze market behaviors and consumer preferences.

Units

Refers to a single, distinct item or entity that is part of a larger quantity, often used in the context of measurement or count.