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Now applying these definitions to our discussion question, a restaurant owner may consider placing folding tables or outside picnic tables if space permitted in his or her restaurant as a short run solution. Obviously there is only so much that can be accomplished in an existing establishment before the owner reached the point of diminishing marginal returns, or where their output reaches a point where additional tables may cause crowding and profits begin to become smaller. They must then look for long run solutions.
1. First, calculate the value of a corporate bond using the information below. Do this calculation by hand and show all of your work! Second, convert the value to price; round to 3 decimals.
Suppose you were having lunch withyour best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was, commenting that he saw no useful purpose for economics.
Why do you think that economists interpret the high price elasticity of demand for marijuana by regular users to be consistent with the fact that 90 percent of user’s do not become habitual users of the drug?
Suppose you are manager of customer service department at a bank and you want to hire customer service representatives for a newly opened bank branch.
The original price of the commodity Y is $8 and the quantity demanded for the commodity X stands 80 units. Calculate the cross price elasticity if the price of Y changes to $12, with the demand for X increasing to 100 units. Interpret your answer
What might be your variable costs be in the short run and how would you measure these That is, what items are the sources of your variable costs and how would you go about measuring the costs associated with them.
The topic must be related to a macroeconomics concept. In the general introduction of the class, the instructor will discuss the study of Macroeconomics as a whole. It will be helpful for the students to choose a topic from the discussion or might..
1. Productive efficiency does not hold for a profit-maximizing, monopolistically competitive firm in the long run equilibrium because the firm operates along the diseconomies of scale region of its average total curve? True or False
consider the case of two countries that start with equal levels of gdp. the growth rate of the first country is 3 while
As the manager of a restaurant, you decided to estimate the demand equation for your specialty food. After careful statistical analysis,your estimation resulted in the following demand equation. All parameters are statistically significant at the ..
Jason enjoys DVDs and spy novels and spends $60 a month on them. The price of a DVD is $20 and the price of a spy novel is $10. a. What is Jason's real income in terms of spy novel?
The following model is a simplified version of the multiple regression model used by Biddle and Hamermesh (1990) to study the tradeoff between time spent sleeping and working and to look at other factors affecting sleep: sleep =b0 + b1totwrk + b2e..
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