MICROECONOMICS >IA<
FD Edition
ISBN: 9781260511055
Author: McConnell
Publisher: MCG
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Chapter 13.1, Problem 2QQ
To determine
Average cost of the firm.
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With help of a diagram, explain the impact of decrease in 1 product only. Please provide example (products etc as assumptions) to explain the impact.
I used to buy 3 movies a month, but when Connecting U dropped the price of a gigabyte of data from a high of $20 to a low of $14.48 (a total decrease of 32.02 percent according to the midpoint formula), I want to buy 5 movies a month.
A) My demand for movies increases by 33.34%
B) My demand for movies increases by 66.67%
C) My demand for movies increases by 50%
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