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Illustrate what would be the consumer purchasing

Assignment Help Macroeconomics
Reference no: EM1331452

Income & Substitution Effects of Pepsi and Coca-Cola Pricing

What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled?

If the prices of Coca-Cola and Pepsi remained constant, what would be the consumer's typical buying response to these products if their income was reduced by 30%?

Suppose all carbonated beverages tripled in price. How would the concepts of utility, income, and substitution predict consumer behavior based on the rise in the cost of carbonated beverages?

 

Reference no: EM1331452

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