Assume that popcorn and potato chips are substitutes and, Microeconomics

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Assume that popcorn and potato chips are substitutes and

Question: Assume that popcorn and potato chips are substitutes, and popcorn and cola are complements.

a. How does a ceiling price (below equilibrium) on popcorn affect the price of cola? Explain.

b. Start the problem over and assume that there is an effective floor price (above equilibrium) on potato chips. What happens to the price of popcorn?

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Microeconomics: Assume that popcorn and potato chips are substitutes and

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Microeconomics: Assume that popcorn and potato chips are substitutes and

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