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Reading your discussion response was very interesting. In the beginning, you touched on the shift in demand for services to become more convenient. You mentioned the example of grocery delivery, and there are so many more now. I have seen grocery delivery, prepared food delivery, mobile car wash, mobile auto mechanics, and many more. In some cases, there is a difference in price or a delivery fee, but that must all play into the opportunity cost for the customer. Is it worth the extra cost to avoid making the trip to the grocery store and spending the time, energy, and fuel? In some cases, like when I got the brakes on my car replaced from my driveway, I did not pay any more than I would have if I were to drive to the shop. In this case, I saved a lot of time and money by avoiding the drive and staying home, and relaxing while my brakes were being worked on. For brick-and-mortar brake shops to complete with that service, they would need to lower their prices.
With more and more services being available with greater convenience to the customer, how do you think that should affect their competitor's prices and the equilibrium price as a whole? Would you go out of your way and forgo the convenience for a lower price point, and how much lower would it need to be?
If the table represents the demand faced by a monopoly firm, then Illustrate what is which firm's marginal revenue as it increases output from 1300 units to 2200 units? Elucidate how all work.
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Determine whether GDP will be underestimated or overestimated in each of the following:
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