Q. Illustrate what happens to the demand for beer if consumer income rises by 5%?
Q. A industry has a 60 percent (%) share of T3MP, a commodity chemical utilized to create industrial solvents. Minimum efficient scale is thought to be 50 percent (%) of present marketplace demand. Recently, a change in environmental regulation has dramatically raised the price of a replacement chemical which indirectly contends with T3MP. This change undermines the marketplace for the replacement which is about twice the size of the marketplace for T3MP.