(Answered) A new steakhouse sub restaurant in downtown denver a price

Economics

A new steakhouse sub restaurant in downtown Denver, a price taker, expects to sell its steakhouse subs at a premium of at least 10% above what local competitors' prices are because of their newest and freshest ingredients. How would you advise them?

A price floor of $20 per bushel is forced by the state of California for a crop that originally had a market price of $18 per bushel. A severe drought has caused a sharp shift inward of the supply curve. Therefore, what is the net result of the state of California's price floor? Be sure to mention the correct terminology.

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Business Economics, Economics

Category:- Business Economics
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