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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.
1. Suppose the consumer is at coffee shop 1. Coffee shop 1 charges $2.00 per cup.
- Draw and label the demand curve for a cup of coffee for the consumer (please do not forget to specify the intercept of the demand curve for each of the axes).
- How many cups would she drink a day and how much would she spend a day at coffee shop 1? Explain your answer and illustrate it on the graph. Hint: I would draw 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?
Cardinal Theory: An Introduction In cardinal approach, utility is measured cardinally or numerically in terms of money. The consumer not only knows which one is preferred but
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Variability - The extent to which the possible outcomes of uncertain event may vary * Variability: A Scenario - Assume that you are choosing between two part time sales
Suppose that in an economy 100 worker-hours produce 160 units of output in year 1. In years 2 and 3 worker hours are 120 and 130 and units of output are 216 and 260, respectively.
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Question: (a) Assume a firm operates in one location but serves on two distinct markets, namely, 1 and 2. The demand functions are: Market 1: P1 = 40 - 0.3 Q1 Market 2:
This involves the characteristics of the production human as well as non human using the product concerned. For example it may pertain to the number and characteristics of children
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Q. What do you meant by Hoarding? A situation in that companies, financial investorsor individual consumers choose to hold hoards of cash or other liquid assets, instead of spe
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