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Butter and margarine are substitutes and are sold in perfectly competitive product markets.The Lots of Cream company one of 300 butter producers develop a new automated churner that reduces costs.
What will be the effect of this change on price,short run profits and the quantity of butter for the Lots of cream Company?Explain
If the other perfect;y competitve firms use this same churner what will be the effect on th eprice and quantity of butter produced in the market?
What will be the effect of these changes in the butter market on the price and quantity produced of margarine?
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we're not here to do your homework, which particular concept are you having difficulty with?