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Short and Long Run. 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?
Guided Response: Review the discussion board posts of your classmates. Discuss the difference between short run and long run with relation to costs. Respond to at least two of your classmates. Discuss how short run and long run vary in a firm.
Explain the logic of the Ricardian view of government debt and evaluating its practical relevance.
List out three policy rules that the Fed might follow. Which of these would you advocate? Why?
Operations manager estimates assembly time required for first two units to be 10.4 hours and 8.3 hours, respectively. What is appropriate learning curve.
Suppose that the market price for a bottle of vitamins is $2.50 and that at that price the total market quantity demanded is 75,000,000 bottles.
Illustrate what marketplace structure did you assume. Would your answers in b change if the marketplace for sewing machines were competitive.
If David's only illness this year results in an appendectomy, explain how many days will he choose to stay in the hospital.
Suppose a monopolist manufacturer sells his products through a monopolist retailer. The marginal cost of production is c = 5. Assume that retail demand is Q(p,s) = s(10-p)100, where s is retailer's level of effort to sell the product. The cost..
Elucidate would you suggest he buy more jeans and fewer t-shirts, or more t-shirts and fewer jeans.
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable.
What variables to include in x. What functional form to use; should x include higher order, interaction terms of variables.
How is this going to involve prices in the marketplace for New York City. Create sure to provide appropriate economic terms in your answers.
What is the minimum price at which the firm would be willing to supply a positive amount of output in the short run? Label this on your graph.
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