Demand for bagels rises dramatically
Explain the demand for bagels rises dramatically while the demand for breakfast cereal falls?
Expert
Consumers can redirect resources through their “dollar votes.” The increased demand for bagels will raise their market price, while the decrease in demand for cereal will cause its market price to fall. A higher price for bagels provides an incentive for producers to increase output.
Which of the given describes a situation in which each good or service is produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the marginal cost of producing this? w) productive efficiency.
If banana divides are $2, CD disks are $10, and SCUBA vacations are $360, then what is the relative cost of a SCUBA vacation in phrases of a CD disk: (i) 36 disks. (ii) 360 disks. (iii) 180 disks. (iv) 20 disks. (v) 3,600 disks. Q : Marginal rate of substitution Problem: Problem: Luke likes to consumer CDs (good1) and pizzas (good 2). His preference over both goods is given by the utility function U(x1; x2) = x21
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