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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: Sppose the consumer is at coffee shop 2. Coffee shop 2 provides unlimited cups of coffee for the price of $9.00 per day.
- How many cups would she drink a day and how much would she spend a day at coffee shop 2? Explain your answer and illustrate it on the graph. Hint: Again, I would draw the demand curve and the incremental price of drinking a cup of coffee at the shop to show the number of cups the consumer chooses.
- What is the consumer surplus and the average price per cup?
I''m having trouble with this problem.....I must have missed the class that it was discussed in. I''m more confused with the interpreting the equations with all the Labor demand/La
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politicians are often heard saying that tuition at state universities should be kept low to make equation equally accessible to all residents of the state, regardless of income
a consumer consumes only two goods x and y is in eqillibrium price of x falls explain the reaction of consumer through utility analysis
a) Joan's utility function can roughly be estimated as : U = 60Q 1 3/4 Q 2 2/3 She chooses from two composite commodities Q 1 and Q 2 whose prices per unit are kshs 20
identify any four other law of demand and give examples
How the above would apply to non-renewable resources such as oil. This has general applicability to any competitive market. The issue here is that potential supply has a finite
More details on mixed bundling
Question: (a) The market demand schedule and market supply schedule for firm H is as follows: Q D = 500 - 10P Q S = -100 + 6P Where Q D and Q S denotes quantity de
1)The productive capability of an economy is such that to produce 5 units of military good it takes 2 workers to be employed while 10 units of consumer goods require 3 workers. Res
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