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MICROECONOMICS You bought a bakery business in Vancouver, and it seems the ONLY one in the town. Then, you expand to neighboring town in Vancouver

MICROECONOMICS

You bought a bakery business in Vancouver, and it seems the ONLY one in the town. Then, you expand to neighboring town in Vancouver where the competition is massive. Explain in economics the following:

  1. How would you plan on setting your prices between the two locations?
  2. What are the factors involved?
  3. How would you beat the competition?

Cite a reference if applicable. Answer the questions, then explain step by step for my learning. Thanks.

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