You and your friends, have decided to sell flower arrangements for $6. Each of you is...
You and your friends, have decided to sell flower
arrangements for $6. Each of you is to produce 25 arrangements per
day.
a. What
should you do if your friend decides to produce 30 flower
arrangements per day?
b. What
should you do if your friend decides to charge $8 for her
flower arrangements?
Homework Answers
A) You should also produce more flower arrangements in order to not let the friend capture the market
B) You should not Increase the market price. As a result, your demand for flowers would increase as your friend is selling at higher price. This will increase your market sales and revenues
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