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Let's assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables.
Describe the difference between the short run and long run in the example to bringing about more tables for the customers. How is the restaurant able to differentiate between the short run and long run First, describe several different fixed costs and variable costs associated with operating an automobile.
Next, assume that you would like to travel from Los Angeles to New York City by either car or plane. Which costs would you take into account in making your decision, fixed costs, variable costs or both? Make sure to explain your analysis in the decision that you have to make.
What is monopolistic price and quantity and what is the competitive price and quantity
Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and the wage paid to labor is $50? Round any decimals to the nearest hundredth. Derive the firm's cost function using the rental an..
Give a numerical example to show that monopolist's marginal revenue can be upward-sloping over part of its range. Hint: The price on the demand curve is the producer's average revenue.
What is the approximate Herfindahl index? What is the four-firm concentration ratio?
Suppose the demand for a product is given by P = 60 - 2Q. The supply is given by P = 10 + 3Q. If a $10 per unit excise tax is levied on the buyers of a good, what will be the deadweight loss created by this tax.
it is observed that a walmart store driver successfully made a total of 104 trips in a given period time. during field
What should the growth strategies be of both large airlines (United, Delta, AA, British Air) and smaller carriers (Spirit, Ryanair)? What are the key components of a winning strategy for both size carrier?
Presume that Denmark and France both wine and produce oil. France's opportunity cost of producing a bottle of wine is 5 barrels of oil while Denmark's opportunity cost of producing a bottle of wine is 10 barrels of oil.
Which of the following is an example of a change in the quantity demanded? (Hint. For which items is there a direct change in price that leads to a change in quantity demanded) Markets are more efficient when information is perfect;
Assume a manager of a profitable department store you're confronted with the pricing problem. You've two types of customers
You are a monopolist selling widgets. You face costs of C(Q) = 10 + 2Q^2. Suppose you face the following market demand: Q(p) = 3000 - 2p. What price will you charge? How many widgets will you sell?
mary expects to retire in five years. she is considering one of three possible career changes. each has different costs
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