Grocery store assignment
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Grocery store assignment Document Transcript

  • 1. Name: _______________________ Store & Address:__________________________ The grocery store could be seen as an example of the market economy in practice. Goods are sold by a firm and households exchange monetary currency for goods. Grocery stores in turn, employ many individuals from households to work in the stores and the production of their products. Imagine that you have a food budget of $40. Think about how much you expect each item to cost and fill out the table. Next visit any grocery store and check out the prices of these items. Finish the chart **** Write down which store and where you visited. Good Predict Price Reality Price Which brand? (You can only use generic once) 1 Dozen of Eggs 1 lb of ground beef 1 gal. of milk 1 can of corn 5lb bag of rice 12 cans of Coke or Pepsi 5lb bag of sugar 20 oz bag of salt 36 oz coffee 1 loaf of bread 1 dozen tortillas 1 head of lettuce 1. Did you have enough money for all the goods? Why or why not? 2. Did your quantity demanded change based on any of the real prices? 3. 3 for each: Which goods would you consider: 4. Which prices were you most surprised by when you visited the store and why? 5. How might comparison shopping change your buying habits? 6. If you had a child, how would your demand change? What substitutions would you make? monopolistic competition or oligopoly Perfect Competition