Suppose we are analyzing the market for hot chocolate. Hot chocolate is the final product. In other words, think of the hot chocolate as a complete product you may purchase at someplace like Starbucks, not like individual components you would buy separately and assemble at home. Indicate the impact the following event would have on equilibrium price (increase or decrease) and equilibrium quantity (increase or decrease). The price of tea, a substitute for hot chocolate, falls.
Equilibrium Price:
Equilibrium Quantity:

In its first year of operations, crane company recognized $31,700 in service revenue, $7,700 of which was on account and still outstanding at year-end. the remaining $24,000 was received in cash from customers. the company incurred operating expenses of $16,600. of these expenses, $12,690 were paid in cash; $3,910 was still owed on account at year-end. in addition, crane prepaid $3,260 for insurance coverage that would not be used until the second year of operations.

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Read the following scenario and answer the question in 5-10 sentences. you are the owner of a small business that is a defendant in a lawsuit in federal court. you received bad news from your lawyer that the judge did not allow certain documents to be admitted as evidence in court and that the jury reached a $50,000 verdict in favor of the plaintiff. your lawyer tells you that it is within your legal right to hire him to file an appeal with the united states court of appeals. if the appellate court rules in your favor, you may be able to avoid paying part or all of the $50,000. evaluate your lawyer’s suggestion about appealing the decision.