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Economis of scale and scopeA multiconcept restaurant incorporates two or more restaurants, typically chains, under one roof. Sharing facilities reduces costs of both real estate and labor. The multiconcept restaurants typically offer a limited menu, compared with full-sized, stand-alone restaurants. For example, KMAC operates a combination Kentucky Fried Chicken (KFC)/Taco Bell restaurant. The food preparation areas are separate, while orders are taken at shared point-of-sale (POS) stations. If Taco Bell and KFC share facilities, they reduce fixed costs by 30%; however, sales in joint facilities are 20% lower than sales in two separate facilities.
What do these numbers imply for the decision of when to open a shared facility versus two separate facilities?
Explain all your answers below clearly, including brief definitions of each term.
If you assume that the forward rate is a predictor of the future spot rate, does it suggest that the Dollar should have appreciated or depreciated from 2001 to 2002? (round to nearest integer)
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
A monopolist faces the demand curvep =11 - Q , where Q is measured in thousands of units. What is the monopolist profit maximizing price and quantity? What is the profit?
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
Make a table and graph of Crusoe's production function. Find out the Marginal product of labor for Crusoe at different quantities of labor.
For an unknown reason, aliens kidnapped all immigrants residing in the US. One morning America wakes up and finds that the only people left in the country are American citizens, while all legal and illegal immigrants are gone.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
A farm operator has asked you to help him/her determine the quantity of water that should be applied to a crop under irrigation.
GDP per capita in a nation like Switzerland can have a low GDP per capita also still have a high standard of living.
The price per unit remains $7.50 in both scenarios. Does the labour analyst's argument hold? Explain why or why not, and use data to prove your point. (Hint: calculate total costs in both circumstances).
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