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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: Sppose the consumer is at coffee shop 2. Coffee shop 2 provides unlimited cups of coffee for the price of $9.00 per day.
- How many cups would she drink a day and how much would she spend a day at coffee shop 2? Explain your answer and illustrate it on the graph. Hint: Again, I would draw the demand curve and the incremental price of drinking a cup of coffee at the shop to show the number of cups the consumer chooses.
- What is the consumer surplus and the average price per cup?
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the general characterictics of economic models,its limitations and verification
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Identify the four essential economic activities. The four main economic activities are: a) resource maintenance, b) production, c) distribution, and d) consumpti
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Output 0 Fixed cost $100 Varaible Cost 40 what is the Total cost and Total revenue also the Profit/Loss
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