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Frank owns a soda fountain and sells milkshakes. He sells 50 a day at $5 each. His daily cost is $290, of which $30 is fixed cost. What can you say about Frank's short run decision regarding shutdown and his long-run decision regarding exit?
Prepare an salary statement for the month utilizing the contribution format and the variable costing method.
The exhibit shows how supply and demand might shift in response to specific events. Suppose a spring frost destroys one-third of the nation's artichoke crop. Which panel best describes how this will affect the market for mayonnaise, which is a com..
Suppose that a firm that is expanding its output has a very large total fixed or sunk cost. What will happen to its average total cost as it expands output Can you think of any firms or industries in which this is likely to happen
Assume you were appointed economic adviser to a less-developed nation in Africa. The nation seeks to encourage capital formation and wants to increase the rate of saving.
Throughout the 1990s, the amount of foreign direct investment directed at both developed and developing nations increased dramatically. This trend reflects,An international U.S. based company sets up a production unit in a developing country with ..
Taco Bell gives free tacos from 2 - 5pm. Suppose they make 500 tacos per hour and total costs are $1000. Assume the firm is operating at minimum costs.
Suppose that the one year U.S. interest rate is 5%. If the one year forward rate against the pound is $1.75 per pound and the spot exchange rate is $1.78 per pound, what must the equivalent British interest rate be if covered interest parity holds?
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
If the U.S. economy is operating near full employment and the exhange rate increases(the dollar appreciates),
External Social Benefits: During recent years, professional sports have enjoyed an unprecedented boom all across the United States and Canada. Team revenues have skyrocketed with growing fan interest and attendance, thriving broadcast revenues.
Alternatively, watermelon output could be increased by 500/month with an additional 2 tons of fertilizer/month. assuming the cost of water is $0.03/gallon and the fertilizer is $25/ton, is Van Farms using an optimal combination of fertilizer and w..
A study sponsored by the American Medical Association suggests that the absolute value of the own price elasticity for surgical procedures is smaller than that for the own price elasticity for office visits. Explain why this would be expected
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