Koleka’s Cakes produces 10 cakes per day. The marginal cost of the tenth cake is R24, and average total cost of 10 cakes is R6. The average total cost of 9 cakes is

If a shortage exists in a competitive market, we know that the actual price is

Mpho is a devoted Coca-Cola consumer, whereas Nozipho can drink either Coca-Cola or Pepsi products. Mpho’s demand for Coca-Cola will be relatively more ___________, while Nozipho’s demand will be relatively more ___________.