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1 a) If a competitor increases its price what is the likely impact

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1. a) If a competitor increases its price what is the likely
impact? Please support your argument using the economic
principles you have been reviewing.
b) Quick Profit sells box juice for $7.50 and has an
demand function of: Q = 300 - 20P. At the present price
Quick Profit is unable to satisfy demand. The owner, Mr.
Ready, wants to increase the price by 100%. Do you
agree? Explain!
Solution
1. a) If a competitor increases its price what is the likely
impact? Please support your argument using the economic
principles you have been reviewing.

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1. a) If a competitor increases its price what is the likely impact? Please support your argument using the economic principles you have been reviewing. b) Quick Profit sells box juice for $7.50 and has an demand function of: Q = 300 - 20P. At the present price Quick Profit is unable to satisfy dema ...
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