Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In our first discussion we went over general economics and how to think about a few core topics. I.E. scarcity, supply, demand, micro and macro

In our first discussion we went over general economics and how to think about a few core topics. I.E. scarcity, supply, demand, micro and macro economics, and production possibilities curve. So in this discussion I want you to think of yourself as a small coffee company. Its just you and small drive up stand! Come up with two products, for example coffee beans and cups.

Currently you have found a good simple equilibrium where you know how much to buy of each throughout the month to meet your customers expectations. You are also just making it each week so there is not any extra cash laying around.

However because your coffee is so good, a world renowned coffee connoisseur came to your shop and introduced you to some amazing coffee cups! The best anywhere! Of course these cups cost more than what you have now.

My question is, If you decide to purchase these coffee cups then how do you pay for them? Walk us through your decisions. You can certainly use marketing here but I want you to use economics as well

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Economics questions

Question

The background knowledge of the interpreter

Answered: 1 week ago

Question

How easy the information is to remember

Answered: 1 week ago