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Suppose the demand curve for a consumer for coffee is:Q = 6 – 2P,where Q represents the number of cups per day and P is the price of coffee per cup.
Question: 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.
Protection against dumping: It could be looked at as the export of commodities priced below cost of production. Dumping is generally looked upon as an unfair trading practice
Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration
WHAT IS OPPORTUNITY COST
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