Question: Local coffee shop is implementing a loyalty punch card, which allows consumers to enjoy a free cup of coffee after purchasing 9 cups. The owners

Local coffee shop is implementing a loyalty punch card, which allows consumers to enjoy a free cup of coffee after purchasing 9 cups. The owners of the store are hoping that this promotion will encourage regular customers to stop by more often. This is an example of:

product development

market development

product penetration

market penetration

market diversification

product diversification

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=+side do the two effects approximately cancel? Do you think it is a reasonable hypothesis that tastes for leisure vary by geography? Why or why not?

=+ a. What happens to the labor demand curve?

=+to work more, because the reward for working an additional hour has risen (equivalently, the opportunity cost of leisure has gone up). Apply these concepts to Blanchards hypothesis about