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You have just opened a new Italian restaurant in your hometown where there are three other Italian restaurants. Your restaurant is doing a brisk business and you attribute your success to your distinctive northern Italian cuisine using locally grown organic produce. What is likely to happen to your business in the long run? a. Your competitors are likely to change their menus to make their products more similar to yours. b. If your success continues, you will be likely to establish a franchise and expand your market size. c. Your success will invite others to open competing restaurants and ultimately your profits will be driven to zero. d. If you continue to maintain consistent quality, you will be able to earn profits indefinitely.
q.explain why you believe in compensation plans differ at the two firms? in particular why do you think kaufmanns pays
A diminishing marginal rate of substitution implies that indifference curves are
You have been contracted by an economic consulting firm to determine the economic structure and possible future actions of OPEC, the Organization of Petroleum Exporting Countries.
The Cost of a Flower Business. Jen left a job paying $60,000 per year to start her own florist shop in a building she owns. The market value of the building is $80,000. She pays $40,000 per year for flowers and other supplies
studies on the comparative work habits of the wealthy tell a different story. Research by professors Mark Aguiar. Explain which wealthy person has reservation wage.
How has the educational system affected the quality of our labor force? Explain the Malthusian theory of population. Is it relevant today anywhere in the world? Explain where and why. How does the American savings rate compare to that of other leadin..
Suppose that the U.S. government decides to charge beer producers a tax. Before the tax, 15,000 cases of beer were sold every week at a price of $7 per case. After the tax, 10,000 cases of beer are sold every week; consumers pay $9 per case, and prod..
______Job rotation attempts to reduce the boredom created by specialization of tasks by
Do you believe that The Affordable Care Act (Obamacare) should be repealed? If not, how can it be improved? If you do believe it should be repealed, how would you replace it?
If the potential recipient decides to work, she will receive a wage of $8 per hour. Show the budget line for the potential recipient using the above information.
Whenever a determinant of supply other than ---------price changes, the supply curve shifts. Elasticity is. When the price of used cds is $4, Daphne buys five per month. When the ----- price is $3, she buys nine per month. If the price of milk ris..
Pick an existing or proposed environmental policy. Use market failure theory to explain or justify the policy. Then use public choice theory to provide a possible alternative explanation for the policy.
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