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1. a. Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and
1.
a. Why do you think it is important for managers to understand the mechanics of supply and demand both in the short run and in the long run? Give examples of companies whose business was either helped or hurt by changes in supply or demand in the markets in which they were competing
b.
What would you expect to happen to spending on food at home and spending on food in restaurants during a decline in economic activity? How would income elasticity of demand help explain these changes
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