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Firms like McDonald's and Wendy's sell hamburgers, salads, and other products that are differentiated in nature. While numerous fast-food restaurants exist in most locations, the differentiated nature of the firms' products permits them to charge prices that are in excess of marginal cost.
b. Given their current menus, explain what level of economic profit these firms can expect to make in the long run?
c. What strategies could the firms use to increase the possibilities of earning positive economics profits in the long run?
The revenue (X) from the sales of a company has an expected value of $7,403, with a standard deviation of $551 while the cost (Y) has an expected value of $4,566, with a standard deviation of $348. The covariance between the revenue and cost is 1,434..
Suppose that U.S. government actively uses the fiscal policy to fight against recession and rising unemployment. To incorporate this behavior of government into the model, let’s assume that the government spending equation is given by where 0. Assume..
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. Compute the price elasticity of demand between these two points. Compute total revenue at the three meal prices
Developed produces two goods, manufactures and food, using three factors of production: capital, land and labor. The production of manufactures requires capital and labor, while the production of food uses land and labor. All the arable land is in th..
What was significant about the minstrel show?
a bear that weighs 4000n gasps a vertical and slides down at constant velocity. Illustrate what is the friction force that acts on the bear.
A laboratory centrifuge costs $80,660 and has a $5530 salvage value with an 8-year recovery period. The estimated annual operating cost is $7000 per year. Use the double declining balance method with switch over to straight line to determinate the bo..
How do government programs that provide benefits for the poor (such as food stamps) change the incentives of people to be classified as "poor"?
Below are the supply and demand functions for two markets. One of the markets is for BMW automobiles, and the other is for a cancer-fighting drug, without which lung cancer patients will die. Briefly explain which diagram most likely represents which..
A U.S. manufacturing company operating a subsidiary in an LDC (less-developed country) shows the following results: U.S. LDC Sales (units) 100,505 19,600 Labor (hours) 19,550 14,550 Raw materials (currency) $20,500 FC 19,550 Capital equipment (hours)..
Evaluate how business environment is influenced by government economic policy which may be identified through your application of economic theory - Critically evaluate measures used by governments and central banks to manage the economies of their ..
Use the following equations for supply and demand to solve for the market equilibrium price and quantity, and produce a graph for the market. P = 3Qs + 10 P = −2Qd + 30. Suppose that a quota of 2 units is imposed on this market; graphically depict th..
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