Elucidate the relationship among scarcity-choice

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Q. Review the marketing definition of product. Why do you think marketers define product so broadly?

Q. Elucidate the relationship among scarcity, choice and opportunity cost in the context of managerial economics. 1b. Given the demand function Q=400-5p and supply function Q=5p, calculate the equilibrium price and quantity. 1C. State and explain the principle of diminishing marginal utility in relation to consumer demand.

Reference no: EM1347200

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