Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 15, Problem 2.8P
To determine
Why the company like McD offer regional variety foods or limited time foods.
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Principles of Economics (12th Edition)
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- The following chart tells you the willingness to pay (WTP) for generic and custom refrigerators for three types and the number of each type on your market. Each refrigerator costs $200 to make the generic and $250 to make the custom. High Value Medium Value Low Value #of each type 20 30 30 Value for generic 600 500 175 Total value for Custom 750 575 200 If you were only to sell the generic refrigerator, what price should you set? If you were to sell both refrigerator types, what price should you set for the custom refrigerator?arrow_forwardIn mid-2010, Saudi Arabia and Venezuela (both members of OPEC) produced an average of 8 million and 3 million barrels of oil a day, respectively. Production costs were about $20 per barrel, and the price of oil averaged $80 per barrel. Each country had the capacity to produce an extra 1 million barrels per day. At that time, it was estimated that each 1-million-barrel increase in supply would depress the average price of oil by $10. Consider the competition between Saudi Arabia and Venezuela as a game. a) Construct the payoff table. b) Do countries have a dominant strategy? c) What actions should each country take and why?arrow_forwardThe market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?arrow_forward
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