What would be the consumer buying response to coca-cola if, Ask an Expert

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What would be the consumer buying response to Coca-Cola if the price of Pepsi doubled? If the prices of Coca-Cola and Pepsi remained constant, what would be the typical buying response to these products if consumer income was reduced by 30%? Suppose all carbonated beverages tripled in price. How would the concepts of utility, income and substitution predict consumer behavior in this scenario? Would the price increase be able to sustain itself long term?

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9690559

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