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It is common for supermarkets to carry both generic (store-label) and brand-name (producer-label) varieties of sugar and other products. Many consumers view these products as perfect substitutes, meaning that consumers are always willing to substitute a constant proportion of the store brand for the producer brand.
Consider a consumer who is always willing to substitute three pounds of a generic store-brand sugar for two pounds of a brand-name sugar. Do these preferences exhibit a diminishing marginal rate of substitution between store-brand and producer-brand sugar?
Assume that this consumer has $10 of income to spend on sugar, and the price of store-brand sugar is $1 per pound and the price of producer-brand sugar is $2 per pound. How much of each type of sugar will be purchased? How would your answer change if the price of store-brand sugar was $2 per pound and the price of producer-brand sugar was $1 per pound?
Assume that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels.
Identify the marketplace structure of the electronics retail sales industry. Discuss possibility of short-run and long-run profits in that industry.
Elucidate what are the differences among horizontal, vertical, and conglomerate mergers. Is one type preferable from the view of anti-trust policy.
Explain the factors and mechanisms of growth, explain how governments use monetary and fiscal policy to manage the economy and use technology and information resources to research issues in principles of economics.
where P is the price in cents per kilo and Q is the quantity in millions of kilos. Canada is a small producer in the world chick pea market, where the current world price (which will not be affected by anything we do) is 60 cents per kilo. The Gov..
The New York Times cost $0.15 in 1970 and $0.75 in 2000. Average wage in manufacturing was $3.23 a hour in 1970 and $14.32 in 2000.
Explain how would you view the merger if the streaming video services patent was declared invalid and many firms entered with streaming their own video services.
Discuss and explain the nature of social and labor issues that domestic producers will likely face with their international suppliers.
Assume that a given set of resources can be used to make either handbags or wallets. The MC of a handbag is $19 and MC of a wallet is $10.
How would the four basic markets of the macro model (Aggregate Demand and Supply, Long Run Supply, Labor, Credit or Money, Capital change) change in response to the catastrophe in japan. Most importantly, how would the lines and curves in each mar..
Classical macroeconomics theory concludes that ultimately Fiscal policy generates only quantity effects, erratic investment causes long business cycles or else.
Realty Corporation, an accrual-basis, calendar-year corporation, agrees to rent office space to Tenant Company for $3,000 per month beginning on January 1, year 2. On December 15, year 1, Tenant gives Realty Corporation a $3,000 deposit in addition t..
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