Q1: Ch. 1 (20%)
a. Supply: Suppose the following information is known about a market:
1. Sellers will not sell at all below a price of $2. 2. At a price of $10, any given seller will
sell 10 units. 3. There are 100 identical sellers in the market.
Q1: (20%) The director of marketing at Vanguard Corporation believes that sales of the
companys Bright Side laundry detergent (S) are related to Vanguards own advertising
expenditure (A), as well as the combined advertising expenditures of its three bigge