2 categories of consumption goods
What will be an ideal response?
non-durable and durable
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Suppose the daily demand for Coke and Pepsi in a small city are given by QC = 90 - 100PC + 400(PP - PC) and QP = 90 - 100PP + 400(PC - PP), where QC and QP are the number of cans Coke and Pepsi sell, respectively, in thousands per day. PC and PP are the prices of a can of Coke and Pepsi, respectively, measured in dollars. The marginal cost is $0.45 per can for both Coke and Pepsi. If PP = $0.75, what is Coke's demand function?
A. QC = 90 - 400PC B. QC = 390 - 500PC C. QC = 390 - 400PC D. QC = 465 - 400PC
The price that represents the shutdown point for a perfectly competitive firm corresponds to the _____.?
Fill in the blank(s) with the appropriate word(s)
People will choose to specialize and trade if they can acquire the goods they want:
A. from a capitalistic system of exchange. B. from someone who is willing to trade with them. C. at a lower cost than it would cost them to make the goods themselves. D. at a higher cost than it would cost them to make the goods themselves.
Inventory reductions caused by strong demand are signals to retailers to order more products.
Answer the following statement true (T) or false (F)