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United KingdomSupermarketsIn October 2000 the competition Commission reported on the supplyof groceries from supermarkets in the United Kingdom. It containedthe following information.
- the prices of groceriesin the UK tended to be higher than in other European countries.- there was a clear difference between farm gate prices and theretail prices of the groceries sold in the supermarkets-there was an overall decline of 9.4% in the real price of foodfrom 1989 to 1998.-supermarkets face high competition from small grocery stores ascustomers are tied to shops closest to their homes (not more than15 minutes away) to do their main weekly shopping.-however some large supermarkets were able to price their productsmuch lower than small grocery shops due to their long run averagecosts.-supermarkets also varied their prices in different geographicallocations.
a) using demand and supplyanalysis identify one reason for grocery prices being higher in UK compared to other European countries.b) from the information given,was it cheaper to purchase food in1998 than in 1989?c) why are large supermarkets able to price their products muchlower than small firms?d) discuss whether it can be concluded from the passage that super markets were maximizing profits.
Consider a production function for an economy: Y = 20(L.5K.4N.1) where L is labor, K is capital, and N is land. In this economy the factors of production are in fixed supply
Building on (b), suppose that the worker can earn overtime for each hour above 40 hours worked per week. Her base pay remains at $10/hour, but she earns one and one-half time for each hour beyond 40 hours.
Consider a perfectly competitive market in which the market demand curveis Dd =10-Pd andsupplyisQs =2Ps. a) Find the equilibrium price and quantity on this market. b) Suppose the govt imposes the price ceiuling of 3$ per unit. How much is supplied
Suppose your market research leads you to conclude that there are two distinct groups of consumers interested in the PCC, restaurants and homes. You determine that each has a different demand curve.
The inverse market demand in a homogeneous product cournot duopoly is P=280-2Q=280-2(q1+q2) and costs are C1(q1) = 20q1 and C2(q2) = 30q2. a. How much output will each firm produce in equilibrium b. What are the equilibrium market shares for these..
A corporate bond has a face value of $10,000 with a bond rate of 10%. The interest of the bond will be paid quarterly. The bond will mature in 10 years. If the bond is sold at $8,500 on the market, what is the yield (return) on the bond
you are Chairman of the FED. In early 2006 you noticed that M1 began to shrink. In other words it was showing negative growth. Economic growth was slowing, sub-prime mortgages hit the headlines, and fears were that we were in the 'R' word.
Ball bearings cost $.05 each, and bubblegum costs $.20 each. Your enjoyment of the experiment will be characterized by the utility function U(B,G) = (B^.2) * (G^.8). If you have $10 to spend on this experiment, how many ball bearings will you buy
Assume we observe the following: Qt = 5; pc = 2; pt = 2. If the price of textbooks doubles, by how much does the income have to increase to keep the textbook consumption constant What happens to chocolate consumption Explain.
Abby consumes only apples. In year 1, red apples cost $1 each, green apples cost $2 each, and Abby buys 10 red apples. In year 2, red apples cost $2, green apples cost $1, and Abby buys 10 green apples.
the Cadillac motor Car company is advertising a 24-month lease of a Cadillac Devil for $520 payable at the beginning of each month. The lease requires a $2,500 down payment plus a$500 refundable security deposit.
1985/the cocacola comp was faced with soaring prices for sugar cane, 1-cent increase in the price of sugar cane raised its total cost by$20million.Rather than raise the price, comp looke for a cheaper input and replced cane suger with corn sugar.
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