Question

Gee gee's is a neighborhood bakery known for its scrumptious tea cakes. gee gee's recipes call for expensive spices imported from asia. recently the cost of these spices has risen dramatically, leading geegee's to consider increasing its prices. in order to analyze how this change would affect consumer choices, geegee's management could perform a:

Answer 1

I guess the correct answer is microeconomic analysis.

GeeGee’s is a community-based bakery known for its scrumptious tea cakes. The recipe calls for expensive spices imported from Asia. Recently the cost of these spices has risen dramatically, leading GeeGee’s to consider increasing its prices. In order to analyze how this change would affect consumer choices, GG’s management could perform  a microeconomic analysis.