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The first sushi restaurant opens in town. Initially people are very cautious about eating tiny portions of raw fish, as this is a town where large portions of grilled meat have always been popular. Soon, however, an influential health report warns consumers against grilled meat and suggests that they increase their consumption of fish, especially raw fish. The sushi restaurant becomes very popular and its profit increases.
a. What will happen to the short-run profit of the sushi restaurant? What will happen to the number of sushi restaurants in town in the long run? Will the first sushi restaurant be able to sustain its short-run profit over the long run? Explain your answers.
b. Local steakhouses suffer from the popularity of sushi and start incurring losses. What will happen to the number of steakhouses in town in the long run? Explain your answer.
Research on stages of business development and incorporate your findings in a three to four page paper. Include examples of organizations that fit into each stage.
State the Law of Supply. Why do the supply curve slopes upward? State the Law of Demand. Why do the demand curve slopes downward? Explain why normal profit is an implicit cost (i.e., subtracted from accounting profits) in our definitionof economic tr..
Derive the equation for the sort-run aggregate supply curve, given that the nominal wage rate equals 50. Compute the amount of short-run aggregate supply when the price level equals 2.0, 1.25, 1.0, 0.8, and 0.5. graph the short-run aggregate suppl..
Why would suppliers be willing to accept prices that cover variable costs, but do not cover total costs? How does the answer depend on whether the decision is a short-run or long-run decision?
Has the capital structure changed significantly over time? Is this an appropriate capital structure for this business? Why or why not?
Assume a given demand curve for massage therapy services. In the context of providing massage therapy services, list, and describe in detail, five different variables that may cause an increase in the demand for these services.
Assuming the industry is perfectly competitive, calculate the domestic equilibrium price and output combination and Is the outcome in part B desirable from society's viewpoint
Explain the difference between fixed-production technology and variable-production technology. Should the government set a goal of reducing the marginal social cost of pollution to zero in industries with fixed-production technology
Calculate the equilibrium price and quantity, consumer surplus, producer surplus and total surplus under autarky (that is, when Monona has a closed carp market).
Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his lev..
Calculate both Macaulay and modified durations of the 8-year, 8.5% coupon bond given a flat yield curve at 10% and explain why zero coupon bonds have a higher Macaulay Duration than coupon paying bonds of the same return.
Identify each as being consistent with risk averse, risk neutral or risk seeking behavior in investment project selection. Explain.
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