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Three graduate business students are considering operating a fruit smoothie stand in the Harbor Springs, Michigan, resort area during their summer break. This is an alternative to summer employment with a local firm, where they would each earn $6,000 over the three-month summer period. A fully equipped facility can be leased at a cost of $8,000 for the summer. Additional projected costs are $1,000 for insurance and $3.20 per unit for materials and supplies. Their fruit smoothies would be priced at $5 per unit.
a. What is the accounting cost function for this business?
b. What is the economic cost function for this business?
c. What is the economic breakeven number of units for this operation? (Assume a $5 price and ignore interest costs associated with the timing of lease payments.)
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The average corn price received by farmers in 1950 was $1.52 and in 2014 it was $4.11. The Consumer Price Index (CPI) with a base period of 1982 through 1984 were 24.1 and 236.7 for the same years, respectively. What are the corn prices for those yea..
The City of Washington is considering adding new buses for its current mass-transit system that links from the Tacoma International Airport to clustering city destinations on non-stop basis. The total investment package is worth $10 million and expec..
If firms are successful in product differentiation
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