How consumption influence the equilibrium price
How does rise in price of a substitute good in consumption influence the equilibrium price?
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Answer: With the increase in price of the substitute good, the equilibrium price of concerned good will rise owing to shift in demand curve to the right.
When each ice cream cones cost $2 and fried grits are of $4 per pound and your marginal utilities from an additional cone or an additional pound of fried grits per month are each of 40 utils, then, given your present budget, you: (1) Are presently max
What is Average Fixed Cost. Also provide its formula?
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Pure competitors produce where P is = MC since: (w) their objective is community welfare, not profit. (x) this always allows them excess profits. (y) maximum profit needs that MR = MC. (z) they can set any price they desire Discover Q & A Leading Solution Library Avail More Than 1413878 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1921753 Asked 3,689 Active Tutors 1413878 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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