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Suppose the demand curve for a consumer for coffee is:Q = 6 – 2P,where Q represents the number of cups per day and P is the price of coffee per cup.
Question: Suppose the consumer can choose either coffee shop 1 or coffee shop 2, but not both.
- Assuming that other things (such as location, quality of coffee, and so on) are the same, which coffee shop would the customer prefer? Will the difference in the average price per cup affect your choice between coffee shop 1 and 2? Explain your answer.
- How, if at all, would your answer above change if coffee shop 2 provides unlimited cups of coffee for the price of $7.00 per day? Explain your answer.
Assume you go to the market to buy apples (x1) and oranges (x2) and discover that the price of apples is 1 euro per unit and the price of oranges is 1 per unit when you buy less th
Market demand and supply of a good is shown by QB = 2,160 - 180P and QS = -2400 + 300P where QD, QS and P stand for quantity demanded, quantity supplied and price respectively. (a
Which of the following is a free good? Fresh water, forests in the northwestern United States, the advice of economists, or none of the above?
Employment The calculations of human input in the production procedure. In the United States, there are two major measures of employment, as determined by the Bureau of Labor
What is Deflation? Deflation in economics refers to reduce in the general price level, i.e. the nominal cost of goods and services as well as wages reduce. As, it is an opposi
advantage dis advantage of pure monopoly
veblen effect
Monopsony: Demonstrate (with a graph) how a minimum wage can increase both the wage and employment in a monopsony market even when the government sets th
Recent developments in demand theory
Illustrate and explain the changing demand for big mac using the indifference curve and budget line.
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