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The law of one price tells us that, excluding trade barriers and transportation costs, the price of a good tends to be the same in different geographical locations. If in North Dakota a 3 lb. bag of apples sells for $6 and in in Minnesota it sells for $8, and the transportation costs are the same, how would a seller react in North Dakota?

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Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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