Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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Chapter 22, Problem 9PA
To determine

Applying the median voter theorem.

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On your way home from Super Groceries, your car breaks down. It is a hot summer day and you have nobody to call. With little time before the food spoils, you decide to prioritize what to carry on the walk home. You choose to take three items with you. Since you will need all five items today, you will replace the two abandoned items at the corner store near your house, Convenient Grocers. The table contains the prices you paid for each good at Super Groceries and the prices you will need to pay at Convenient Grocers to replace the goods. Which three items should you save? OOOOO vegetables fruits eggs ham milk Item milk eggs ham vegetables fruits Price at Super Groceries $3.75 $3.80 $2.95 $3.80 $2.50 Price at Convenient Grocers $4.25 $2.95 $5.25 $3.05 $3.80
what are four goods and services that people consumed on an average day
Starting a gluten free and nut free restaurant has been a lifelong dream of Sydney Quintero, since he realized his dietary restrictions as a teenager. Now, that Sydney has graduated with his business degree, he is pursuing his dream. He has researched geographic locations around his state and selected three different cities, Fort Alden, Central City and Roseville, as possibilities for his flagship restaurant. The market for gluten/nut free products often changes due to health awareness, current trends and general demographic changes in population. Sydney's marketing research has given him some estimates for the different locations as described in the decision table below. Alternatives Fort Alden Central City Roseville Answer Decision Table Strong Market 75,000 68,000 105,000 State of Nature Fair Market Step 1 of 2: Using the maximax strategy, where would Sydney decide to start his restaurant? O Roseville O Fort Alden 48,500 52,000 76,000 O Central City Poor Market 25,000 27,000 30,000…
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