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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.
Price Elasticity at Terminal Points The price elasticity at terminal point N equals 0 means that at point N, e = 0. At terminal point M, although, price-elasticity is undefined
Discuss the determinants of price elasticity of demand
Q. What do you mean by Theory of Firm? Microeconomics especially the theory of firm, assumed importance and attracted considerable attention in the early 20 th century. This sh
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Fixed costs are those that are independent of output. They should be paid even if firm produces no output. They wouldn't change even if output changes. They remain fixed whether ou
Number 1 work: Week 4 Discussion - Empirical Demand Function and Forecasting The empirical demand function can be used in conjunction with historical data to predict pricing and
Using the CPS data, set the sample to women only and regress lnwage on education & MARRIED (which is 1 if married and 0 if not) and 1-MARRIED. Give a 95 percent confidence interval
When given two demand functions to calculate elasticity of demand do you use point elasticity or arc elasticity of demand formula
In Home and Foreign there are 2 factors of production, land & labor, used to produce only one good. The land supply in every country and the technology of production are exactly th
definition of discounting concept
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