LAW OF DEMAND I choose Betty crocker Scenario 2: a. If the company decides to earn more profits and hence decide to increase the price of their product. Use a numerical table of price and demand to explain. b. What effect this increase in prices will have on consumers demand? Is it called a change in quantity demand or change in demand? Why? c. Draw and show this effect with the help of a demand curve. Using excel for drawing

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Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.