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Production or a variable factor of production

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Reference no: EM131193390

1. Read the article below and answer the following questions. Coffee King Starbucks Raises Its PricesBlame the sour news at Starbucks this week on soaring milk costs. The wholesale price [of]milk is up nearly 70% in the last 12 months. "There's a lot of milk in those (Starbucks)lattes," notes John Glass, CIBC World Markets restaurant analyst.

a) Is milk a fixed factor of production or a variable factor of production?

b) Describe how the increase in the price of milk changes Starbucks' short-run cost curves.

c) What would happen to the short-run cost curves if instead of an increase in the price of milk, a fixed cost increased?

Reference no: EM131193390

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