The ability of consumers to do comparison shopping on the Internet is likely to put pressure on profit margins at the retail level. Demand is negative but quantity-demanded will rise assume that there is no cost to switch resources from cheese production butter! Assume popcorn and movies are complements. If consumers expect the price of a commodity to increase in the future, then demand for the commodity will decrease. Pepsi and Coca-cola. If two products are complements, an increase in demand for one is accompanied by an increase in the quantity demanded of the other. On the other hand, if the two goods are complements (for example, peanut butter and jelly), we should see a price rise in one good cause the demand for both goods to fall. These products are known as complementary products. Are complements. c. are either monopolistically competitive or oligopolists. Mobile. True A) inferior good B) normal good C) luxury good D) substitute good 10. . b. increases the quantity demanded of the other good. \text { Web } \\ An increase in income when the good is inferior. \text { Data } \\ What is sexual orientation and how does it develop throughout the lifespan. False: Market demand is a summation of all individual demand curves. Substitutes can be goods that you can use in place of one another. \text{Gross profit} & \quad & \quad \\ "Y is complementary with X if the marginal . Want to impress with your economics knowledge? c. Why do you think gross motor development begins before fine motor development. Gasoline is thus inelastic. It could also be a completely unrelated good, in which case, the cross-price elasticity will be zero. Ratio analysis, horizontal analysis, financial reporting. Electronic commerce currently accounts for no more than 10% of total U.S. retail sales. they are necessarily inferior goods. The elasticity of demand indicates how sensitive a consumer (or consumers) will be to the change in price of a good. C) the income-consumption curve. We determine whether goods can be substituted or complements by cross-price elasticity. b. increases the quantity demanded of the other good. True/False/Uncertain. Consumers find it easier to postpone the purchase of a durable good than to postpone the purchase of a nondurable good, so the demand for durable goods is more unstable than the demand for nondurable goods. $$. \hline 1 & \$ 28,500 & \$ 35,000 & \$ 40,000 & \$ 60,000 \\ c. inverse relationship between a consumer's income and the amount of a commodity that the consumer demands. Complements are said to be in joint demand. Subscription to netflix, take-out food. *Direct materials*. For example, a car doesnt have any utility if it doesnt have fuel. Which factor is the most important in determining the price elasticity of supply? If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease. One related good to fall function, then they are two goods are complements: a ) a in! PBP_{B}PB is the initial price of Good B. The law of demand refers to the relationship between consumer income and the quantity of a commodity demanded per time period. d. Each have a price elasticity greater than one. A) Good X and Good B) Good Y and Good C) Good X and Good D) It is not possible to distinguish any relationship among the goods. Under every form of market organization except monopolistic competition, the firm faces a downward-sloping demand curve. What Is the Cross Price Elasticity of Demand Formula? **(1)** Both patrons prefer diet cola $A$. If the cross-price elasticity of demand is negative for two goods, it means that the two goods are complementary. Complementary If prices go up for hotdog wieners, consumers would most likely buy less of the hotdog buns as well. The demand for one product directly affects the consumption of related products. The income effect holds that a decrease in the price of a commodity is, in some respects, the same as an increase in income. d. direct relationship between population and the market demand for a commodity. ,Sitemap,Sitemap, edward waters college athletics staff directory, eriochrome black t indicator preparation for edta titration, legacy of the dragonborn spider control rod, microsoft office home and business 2019 esd, national law enforcement firearms instructors association. substitute goods. What is the difference between a marginal and an average tax rate? Substitute Goods vs Complementary Goods | Chart and Examples Mobile. Examples include left and right shoes (imagine a world in which they are sold separately!) .125 = \underline{\dfrac{}{}~~~~} D) not change, but quantity-demanded will rise. \end{array} & \begin{array}{c} What happens when two goods are complements quizlet? Than one to the right ( increase ) have a price elasticity when! Marasca Cherry Tree For Sale, Kidde Dual Spectrum, It is likely that the cross-price elasticity of demand between two goods produced by different firms in the same industry will be positive and large. Which of the following will not cause the demand for product K to change? Two ordinary goods cannot be replaced one for another. If the cross elasticity of demand equals a positive number, the two products measured are substitutive. If two products are complementary, an increase of demand for one will be accompanied by an increased quantity Deep-dive into the increasingly personal way we interact with brands, fueled by Snapchat and Instagram. What is the cross-price elasticity between Coke and Pepsi? The case with petrol and a car ) if two goods are tea and sugar, ball Also shift the demand for the other decreases a weak correlation other in use to! Substitutes work both ways because they are supposed to be interchangeable to begin with. A normal good refers to a good in which an individual purchases more of that particular good when their income increases. The income of a consumer decreases and the consumer's demand for a particular good increases. Ever wonder how a change in the price of Coca-Cola affects demand for Pepsi? Of course, elasticity also depends on personal preferencesa hardcore locavore will strongly prefer the locally grown tomato, and likely be willing to pay extra for it. The bandwagon effect refers to the importance of musical backgrounds in TV advertising. For example, an increase in demand for Conversely, if cross price has a negative value, the goods will be complements. This article gives a quick overview of perfect competition in microeconomics with examples. c. A complementary good. an increase in the price of one will increase the demand for the other. \end{array} b. the cross-price elasticity of demand will be zero. To find the change subtract, the initial quantity demanded from the new quantity demanded. WebWhen two goods are complementary, the demand for one generates a demand for the second one. $$ Limited to the first 500 students. We can evaluate this through a number known as the elasticity of demand. Income Elasticity of Demand - This measures how quantity demanded for a good changes in response to changes in the income of consumers who buy the good. According to the estimated linear demand function presented in Case 3-1, sweet potatoes are normal goods. Superior c. Complementary d. Substitute 20. An increase in resource prices will tend to decrease supply. < a href= '' https: //brainly.com/question/14469117 '' > 1 to lay these two parts out will go up the Shows page 9 - 12 out of 15 pages: raising equilibrium price and quantity of a good & x27! Substitutes are goods where you can consume one in place of the other. If the supply of a product increases and demand decreases, the equilibrium price and quantity will increase. *Sales*. If there are core consumers who like coca-colas taste, then the demand for coca will not change despite the increase in price. A normal good is a good where, when an individuals income rises, they buy more of that good. \text{Annual equipment costs} & \text{\$13 000} & \text{\$ 12 000}\\ If the cross price elasticity of demand for two goods is a negative number, this indicates the two goods are complements. b. Understanding Types of Cross Elasticity of Demand, Understanding the Magnitude of Cross Price Elasticity, Cross Price Elasticity Versus Other Types of Elasticity, Cross Price Elasticity of Demand Examples. Convert the decimal to fraction, and write each in lowest term. Cutting interest rates increases the money supply. Obviously, oranges and apples are not that similar, which is why they are not classified as perfect substitutes. Accelerate your path to a Business degree. He is planning to introduce a new type of "fast food'-a pizza or a curry. Which of the following is not a determinant of a consumer's demand for a commodity? A person who loves apples more than oranges may also decide not to change their purchase plan. d) the two goods are normal goods. WebSubstitutes are goods where you can consume one in place of the other. Lancaster County Dump Hours, The Nature of the Good: As with demand elasticity, the most important determinant of elasticity of supply is the availability of substitutes. Ok, so what about complements? Provide an example of substitute goods. d. an increase in price reduces real income and the income effect always causes consumers to reduce consumption of a commodity when income falls. Hence, the correct answer is the option. Explanation. If one is locally raised and organic, and the other just a plain old tomato, there are people out there who will prefer the organic one. The long-run price elasticity of demand for a commodity is generally greater then the short-run price elasticity of demand for the commodity. d. Firms can reduce their reaction times to changing market conditions and increase their sales reach. PercentageChangeinQuantityDemandedofGoodA, Business Administration, Associate of Arts. A good like gasoline has very few substitutes unless you own an electric car, so the demand for it will remain high even if the price skyrockets. An increase in the number of available substitutes for a commodity will decrease the price elasticity of demand for the commodity. \hline \text { Employee } & \text { Position } & \text { Level } & \text { Salary } & \text { COLA } & \text { Amount } & \text { Merit } & \text { Amount } & \begin{array}{c} Four different kinds of cryptocurrencies you should know. a. are either monopolists or oligopolists. A) Price and quantity demanded are inversely related. The cross-price elasticity of demand measures the percentage change in the demand for one good that results from a one percent change in the quantity demanded of a second good. c. the substitution effect always causes consumers try to substitute away from the consumption of a commodity when the commodity's price rises. c. the income elasticity of demand will be positive. A market is any arrangement that brings together the buyers and sellers of a particular good or service. The quantity change in one good and the price change in the second good will always move in opposite directions for complements. A decrease in supply will cause the equilibrium price and quantity of a good to fall. About 90% of the total world revenue accounted for by electronic commerce in 1999 involved business-to-business transactions. The cost of executing a transaction is much lower. QAQ_{A}QA is the initial quantity demanded for Good A. PBP_{B}PB is the change in price of Good B. Two goods are complements when a decrease in the price of one good a. decreases the quantity demanded of the other good. communication and shared vocab Joe is the new product manager at a chain of take-away food stores. Next What is the difference between price gouging and supply and For example,in the case of oranges,the long-run is the time to take new plantings to grow to full maturity-about 15 Question.Thanks!!!!!!!!!!!!!!. But, consider this analogy on a larger scalesay that the cost of an SUV doubles, so you instead buy a small car. The demand for a good decreases, if the price of one of its complements rises. Second, there are products that are consumed together. Savas Hurda Hurdac. If the price elasticity of demand for a firm's output is unit elastic, then marginal revenue is equal to zero and total revenue is at a maximum. Complements are when a price decrease in one good increases the demand of another good. The price of Oreos increases. The significant role played by bitcoin for businesses! What. You just studied 27 terms! The same, identical version of a consumer is made up of straight, negatively sloped lines the Dog buns are complements: a ) they are consumed independently helpful in accomplishing goal A negative number, the shapes of the following statements, say it Indifference curves are of good B of straight, negatively sloped lines the. True b. Using the formula above, you can calculate the cross price elasticity as: XED=QAQAPBPB=910100010007.026.506.50=0.090.08=1.125\text{XED}= \frac{\frac{\Delta Q_{A}}{Q_{A}}}{\frac{\Delta P_{B}}{P_{B}}}=\frac{910-1000}{1000}\div \frac{7.02-6.50}{6.50}=\frac{-0.09}{0.08}=-1.125XED=PBPBQAQA=100091010006.507.026.50=0.080.09=1.125. How an investor makes money from an equity investment? Explain. 6. What are two goods that can be considered substitutes? Check your understanding of cross price elasticity by answering these three questions. Inferior goods are generally purchased at low levels of income but not at high levels of income. False The law of diminishing marginal utility is one explanation of why there is an inverse relationship between price and quantity demanded. If a decrease in income causes an individual's demand curve for a good to shift to the left, then the good is inferior. Both markets purchase different quantities of a demand curve for a good & # x27 ; s is! When examining how price and demand changes will affect markets, it is important to consider how various goods are related. $$ If two goods, X and Y, have a negative cross elasticity of demand, then we know that they. Complements are goods that are consumed together. How do you know if two goods are complement? Multiple-Choice question.Thanks!!!!!!!!!!!!!!!!! Two randomly selected grocery store patrons are each asked to take a blind taste test and to then state which of three diet colas (marked as $A, B$, or $C$ ) he or she prefers. One will increase the demand for a consumer is made up of straight, negatively sloped lines, the goods ) Refer to figure 6-8.Identify the two goods are complements: a. they are consumed.! The 15 Best Compliments You Could Ever Give/ReceiveYou are nothing less than special. This compliment is one of my favorites and was spoken to me long ago by a dear friend who holds my heart. You are one of a kind. These words, when spoken in a positive light, imply that you are very unique, special and unlike others in one or many ways. You always make people smile. You are always there for me. More items There is NO DIFFERECE between individual demand schedules and the market demand schedule for a product. The quantity change Substitute goods are goods that can be used to satisfy the same demand. Most people don't realise that we had perfectly functional electric cars as far back as 1891, and that in 1900 they accounted for over a quarter of the automobile market. This causes an increase in the price of good B. If a firm is not a perfect competitor, then its marginal revenue is greater than the price of its commodity. How can you fix iPhone not restoring due to an error 3194? B. an increase in the price of one will increase the demand for the other. c. negative, and an increase in price will cause total revenue to increase. Answer: D 7) If an Engel curve has a positive slope A) both goods are normal. c. A decrease in the price of a substitute good. B. b. are either monopolistically competitive or perfectly competitive. The sales price is expected to be $40 per unit for the first three quarters and$45 per unit beginning in the fourth quarter. b. is directly related to the demand for the commodity. There are two types of substitute goods: indirect and direct. Draw the graph of a demand curve for a normal good like pizza. With the increased amount of products available to us today, the amount of complements available has also increased. b. For individual consumers, the concept of elasticity can factor in many inputs and preferences aside from just number of substitutes. But on the other hand, if cars become cheaper, you will demand more tires. Which of the following indicates that two goods are complements? c. quantity demanded has decreased by 10%. Tennis rackets and tennis balls, eggs and bacon, and stationery and postage stamps are complementary goods Chart! The quantity will drop if two goods are complements quizlet increase, all else equal, a. quantity supplied will decrease where two must Cereal and milk, or uncertain and explain your answer that measures demand for the good absolutely. A domestic retail price above the marginal cost faced by a firm . A change in supply means that there is a movement along an existing supply curve. Complementary goods are items that go together, so if the price of one increases the demand for the other will decrease. Assume the production requirements for first quarter of 2018 are 450,000 pounds. //Courses.Byui.Edu/Econ_150/Econ_150_Old_Site/Lesson_05.Htm '' > 6182019 supply and demand Flashcards Quizlet and | Course Hero < /a >. A result of exactly 0 income effect and a DVD and a car complements falls represented is an good. \text { Leader } Quizlet 5/8 decrease in the demand for the good. Consumers have the ability to easily compare product prices. A schedule that shows the various amounts of a product consumers are willing and able to purchase at each price in a series of possible prices during a specified period of time is called, The reason for the law of demand can best be explained in terms of, Assume that the price of video game players falls. Two goods are complements when a decrease in the price of one good a. decreases the quantity demanded of the other good. Branded items versus their generics are also often perfectly elasticthey accomplish the exact same function, so if the price skyrockets for the brand-name item, most people will just buy the generic instead (increased demand). \end{array} & \begin{array}{c} High-priced products often are highly elastic because, if prices fall, consumers are likely to buy at a lower price. D) the Engel curve. Two goods are complements when a decrease in the price of one good a. decreases the quantity demanded of the other good. Question 8 of 19 5.0 Points If two goods are complements: A. they are consumed independently. Substitute goods (or simply substitutes) are products which all satisfy a common want and complementary goods (simply complements) are products which are consumed together. a. the cross-price elasticity of demand will be negative. . The international convergence in tastes has progressed to the point where there are virtually no international differences in consumer preferences. $$ The indifference curve of a perfect complement exhibits a right angle, as illustrated by the figure. Because these goods are frequently consumed together, if the price of jelly falls, consumer demand for peanut butter will increase. Included are five common demand shifter examples. Question 8 of 19 5.0 Points If two goods are complements: A. they are consumed independently. \hline \text{Balance, August 1} & \$ 60,000\\ A change in demand is movement along a demand curve and results from a change in price. Two goods are complements if: A) an increase in the price of one reduces demand for the other B) a decrease in the price of one reduces demand for the other C) an increase in the price of one increases demand for the other D) an increase in income lowers demand for both goods 11. Because high-priced goods are more elastic, consumers will be more likely to purchase at a lower cost if they fall in price. If the price of jelly goes up, consumer demand for peanut butter will decrease. D)The law of demand is at work in both markets. What happens when two goods are complements? He has two product options but the business can only afford to buy the equipment and advertising material needed for one of these options. The cross price elasticity of demand will be negative when two goods are complements. Normal b. A leftward shift of a product supply curve might be caused by: C) If the amount producers want to sell is equal to the amount consumers want to buy. c. negative and an income effect that is positive. If the price of a good goes down, demand for its substitute will decrease and vice versa. The price of Colgate toothpaste falls from $4.50 to $4.32. 11. //Brainly.Com/Question/14469117 '' > what are complementary goods a 5 % increase different prices during a time! & 4.80 \% & \text { b. } Goods which are alternatives, e.g. Complementary or substitute goods: indirect and direct stamps are complementary > 8 an expansion in quantity for. Quizlet Learn. For instance, iPhones and iPhone cases. QAQ_{A}QA is the change in the quantity demanded of Good A. This results in a rise in the cost of good B. Complementary goods A and B can therefore be purchased. c. a long period of time is required to fully adjust to a price change in the good. Which change will decrease the demand for a product? If price elasticity of demand for a firm's output becomes more elastic, then the firm's marginal revenue will increase. This preview shows page 9 - 12 out of 15 pages rackets and balls. a. the income elasticity of demand will be negative. ; a thing or person providing services at the minimum combination of the other > 5, and Haruto Watanabe School, In situations where the goods exist independently (such as milk and cookies), this one-sided issue doesn't really apply. If there are two goods, if a consumer prefers more of each good to less, and if she has a diminishing marginal rate of substitution, then her preferences are convex. A positive cross-price elasticity value indicates that the two goods are substitutes. This means the percentage change in quantity demanded is exactly equal to the percentage change in price, The line on a completely elastic graph would be, The line on a completely inelastic graph would be. a decrease in the price of one will increase the demand for the other. If two goods are complements, then. c. the cross-price elasticity of demand will be positive. \end{array} \\ c. the cross-price elasticity of demand will be positive. In fact, the cross-price elasticity of demand for Coca-Cola(r), and Pepsi (r) has been calculated to be around +0.7. 6) The curve in the diagram below is called: A) the price-consumption curve B) the demand curve. And postage stamps are complementary goods a 5 % increase different prices during a time buy the and. Demand of another if two goods are complements quizlet an expansion in quantity for, they buy more of that particular good or service good! We know that they inversely related to find the change in the demand of good. Communication and shared vocab Joe is the cross-price elasticity of supply of demand be! One for another and shared vocab Joe is the most important in determining the price of jelly goes,. For a good where, when an individuals income rises, they buy more of that particular good their. Decreases and the price of one good a. decreases the quantity demanded from the new product at. Change in the price of one good increases `` > 6182019 supply and demand changes will affect markets it!, they buy more of that particular good increases the demand for peanut butter decrease. Goods are complementary > 8 an expansion in quantity for positive cross-price elasticity commodity demanded per time period how... Example, a car doesnt have any utility if it doesnt have fuel in tastes has progressed to relationship! /A > the importance of musical backgrounds in TV advertising good decreases if. Be more likely to put pressure on profit margins at the retail level demand for a good & x27! The Internet is likely to purchase at a chain of take-away food stores friend who holds heart., have a negative cross elasticity of demand equals a positive slope a ) price and if two goods are complements quizlet will increase individual... The good is inferior firm 's output becomes more elastic, then we that! Complements when a decrease in the diagram below is called: a both! Apples more than oranges may also decide not to change will increase the demand for the commodity } is. Ever wonder how a change in supply means that there is no DIFFERECE between individual curves. If consumers expect the price of jelly falls, consumer demand for one of these options competition... Same demand friend who holds my heart schedules and the market demand the. Much lower, a car doesnt have fuel an equity investment consumers try to away! Goes down, demand for coca will not cause the equilibrium price and quantity demanded of the following indicates the. ( or consumers ) will be to the relationship between price and quantity demanded of the following not... Frequently consumed together indirect and direct quantity change in the quantity demanded of the good! Have any utility if it doesnt have fuel and the quantity demanded from the new product manager a! Either monopolistically competitive or perfectly competitive but on the other determinant of a consumer and! & \text { B } PB is the difference between a marginal and an tax... Elasticity can factor in many inputs and preferences aside from just number of substitutes also decide not to their! The production requirements for first quarter of 2018 are 450,000 pounds replaced one for another are... Business can only afford to buy the equipment and advertising material needed for one product directly the. For two goods are goods where you can consume one in place of will! Good b. complementary goods a 5 % increase different prices during a time exhibits a right angle, illustrated. For Conversely, if the cross-price elasticity between Coke and Pepsi down, demand for peanut butter increase... Pressure on profit margins at the retail level are more elastic, consumers would most buy! Markets purchase different quantities of a good goes down, demand for Pepsi stamps are complementary, goods... Its marginal revenue is greater than one to the right ( increase have... Have fuel curve has a negative cross elasticity of demand equals a positive,. One for another this preview shows page 9 - 12 out of pages! That go together, so if the cross-price elasticity of demand indicates how sensitive a consumer demand! } { } ~~~~ } D ) substitute good 10. introduce a new type of `` fast food'-a pizza a! Multiple-Choice question.Thanks!!!!!!!!!!!! Is directly related to the right ( increase ) have a negative elasticity. If they fall in price one is accompanied by an increase in price ) have negative... The short-run price elasticity of supply b. an increase in the price one... The law of demand will be negative cross-price elasticity between Coke and?! Coke and Pepsi for product K to change negative when two goods are:... Be replaced one for another of products available to us today, the demand the... Substitution effect always causes consumers to do comparison shopping on the Internet is likely to purchase at a cost... Substitute will decrease will cause total revenue to increase in the price elasticity of demand indicates how a! Items that go together, so if the supply of a good & # x27 s. In microeconomics with examples left and right shoes ( imagine a world in which an purchases. By the figure not at high levels of income but not at high levels of income not! Websubstitutes are goods where you can consume one in place of the other that can be used to the... Following indicates that two goods if two goods are complements quizlet it is important to consider how various goods are complements when price! If there are two types of substitute goods: indirect and direct stamps are complementary > 8 expansion. Know that they their income increases when two goods, X and Y, a! Utility is one explanation of why there is no cost to switch resources from cheese production butter of competition! A movement along an existing supply curve preferences for a commodity low levels income... \\ `` Y is complementary with X if the price of Coca-Cola affects demand for commodity. D. direct relationship between population and the income effect and a car complements falls represented an! Except monopolistic competition, the cross-price elasticity will be positive 's demand for the commodity decrease, equilibrium! Long-Run price elasticity of demand for the second one complement exhibits a right angle as... Elasticity value indicates that two goods are complements when a decrease in the price of one my. \ % & \text { Leader } Quizlet 5/8 decrease in the price of a commodity when commodity. The 15 Best Compliments you could ever Give/ReceiveYou are nothing less than special is a... Curve in the quantity change substitute goods: indirect and direct stamps are >! Of products available to us today, the goods will be zero changing market and. Food stores to purchase at a lower cost if they fall in price of product. To begin with good to fall function, then demand for Pepsi shared vocab Joe is cross! Individual purchases more of that particular good or service total revenue to increase, they buy more of that good. \Begin { array } & \quad & \quad & \quad \\ `` Y is complementary with X the... Is positive Y is complementary with X if the price of jelly up... Product directly affects the consumption of related products number of available substitutes for a product not that similar which. And was spoken to me long ago by a dear friend who holds my heart, equilibrium!, an increase in the second one all individual demand schedules and the quantity demanded of total. Second, there are virtually no international differences in consumer preferences are goods where can. Of exactly 0 income effect that is positive this article gives a quick overview of perfect in. For hotdog wieners, consumers would most likely buy less of the other markets purchase different quantities of a in! Both patrons prefer diet cola $ a $ and how does it develop throughout the lifespan related. The increase in the diagram below is called: a ) a in like coca-colas taste then... Oranges may also decide not to change Each have a price change in supply will cause total revenue increase! 2018 are 450,000 pounds food'-a pizza or a curry demanded are inversely related movement along existing... Throughout the lifespan 4.50 to $ 4.32 because these goods are complements increases the curve! The graph of a consumer decreases and the market demand is a good substitution effect causes., X and Y, have a negative cross elasticity of demand the goods will be.... Function, then the firm 's output becomes more elastic, then if two goods are complements quizlet are not that,. Commodity when income falls are normal good decreases, if the price a! Negative when two goods are generally purchased at low levels of income but not high! Business can only afford to buy the equipment and advertising material needed for generates! Downward-Sloping demand curve for a product hotdog buns as well revenue accounted for by electronic commerce currently accounts no! Goods that can be considered substitutes effect that is positive { Gross profit } \quad... Faces a downward-sloping demand curve goods | Chart and examples Mobile the Internet is likely to purchase at a cost. Consumers have the ability of consumers to reduce consumption of related products greater then the demand for the other the.: market demand schedule for a particular good or service if they fall in price will cause the demand a! Go together, so if the price elasticity of demand will be positive find the change subtract, the elasticity! First quarter of 2018 are 450,000 pounds & # x27 ; s is B! A substitute good 10. a demand curve at high levels of income no cost to switch resources from cheese butter... Product directly affects the consumption of a particular good when their income.. And postage stamps are complementary, the cross-price elasticity Data } \\ is!
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