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As a manager in a new product market, you are interested in whether or not your competitors actually produce a close substitute for your product. Your analytics team has carefully collected data on prices and quantities for your product, as well as market-level prices and quantities across many different geographical regions. The data are contained in the file called 007-23./ (the first tab has data on your firm and the second tab has market-level data). Using these data, does it appear your product has many close substitutes? (Hint. Consider how to get an estimate of the Rothschild index.)
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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