Find the prices of different brands of the product you have chosen. You should visit various...

Question

Find the prices of different brands of the product you have chosen. You should visit various suppliers/shops to record the different prices. Prepare a table that shows the prices of the different brands and the name of the store in which you found the products. Be sure to state the date you collected the information.(3 marks)
2. Based on the data that you hav -rse Ounne ,..°14s.er 2017 hcollected, what can You conclude about the way the firms compete in the market youe Explain. Do you think that these firms engage in price or non price competiti:g (4 marks) 3. Explain whether the nature (type) and degree (amount) of competition in this market results in negative or positive effects on consumers and society. That is, you should explain whether consumers benefit or suffer from the methods and amount of competition in this market. (5 marks) your favorite topic was and how you think this course 4. Reflecting on this course called Principles of Micr oeconomics briefly explain what may benefit You (3 marks)

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David · Accepted Answer

The product prices are as below
Supermarketcy.co
m 
Invilla.Service
s Cheapbasket.com 
Kean Orange Squash-1 lt 2.1 2.15 2 
Robinsons Orange squash-1 lt 1.69   1.39 
Keo Orange juice-1 lt 1.1     
Bravo Orange 1.22     
Ena Orange juice 1.42   1.42 
Ivi Orange juice 1.09 1.75 1.47 
Lanitis orange juice 1.53   2.15
The links used to access the same were 
Links 
http://invilla.services/product/kean-orange-1l/ 
https://www.cheapbasket.com.cy/subcategory?cat1=25fee1a4-5951-11e1-8f4b-
001e33623290&cat2=8db83cc6-5952-11e1-8f4b-001e33623290 
https://www.supermarketcy.com.cy/en#/en/findastic?search=orange juice
The prices are as on 23 March 2017. 
PART 2 
The firms that are listed above clearly engage in price competition. They reduce the prices to 
the best possible to attract more customers. The orange juices that have been considered 
belong to the same brand. Hence there is no difference in quality. All else being equal, a 
consumer will select the product that has a lower price. However, the firms cannot reduce the 
prices of all the products else they will not be able to make profits. Hence,

Find the prices of different brands of the product you have chosen. You should visit various suppliers/shops to record the different prices. Prepare a table that shows the prices of the different...

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