What happens to the price of popcorn, Microeconomics

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What happens to the price of popcorn

Problem

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?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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