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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.
The institutional intervention theories Collective bargaining provides an example of what is sometimes called bi- lateral monopoly; the trade union being the monopolist suppli
b) Discuss the validity in Zimbabwe of the grounds on which the profit maximising model of the firm has been defended.
According to J.B. Clark's profits arises in a dynamic economy, not in a static one. A static economy is one in which there is absolute freedom of competition population and capital
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Explain the Theory of Production Cost and Production analysis is central for the unhampered functioning of the production process and for project planning. Production is an e
a. Explain why the demand for a particular brand is more elastic than the demand for all cigarettes. If Lucky Strike raised its price by 1% in 1918, was the price elast
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Desire for a commodity This validates that a want or a desire doesn't develop into a demand except it is supported by the ability and willingness to acquire it. For example, a
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