Why when the same efforts must be made to uncork

Assignment Help Microeconomics
Reference no: EM13338168

Most customers tip according to a percentage rule between 15 and 25 percent of the bill.diners who have dinner and a $20 bottle of wine usually pay the same percentage of the bottle price as diners who order a $100 bottle. Why when the same efforts must be made to uncork and pourboth bottles?

Reference no: EM13338168

Questions Cloud

Explain why government regulation is needed in in the apple : Explain why government regulation is needed in in the Apple ipad industry stating the major reasons why government involvement in a market economy.
Explain what happens to the value of a currency if : Using the purchasing-power-parity theorem, explain what happens to the value of a currency if its domestic inflation is lower than foreign inflation.
Money must have material backing to have value : Take a stand on whether or not it would be easier for the Federal Reserve to expand the supply of money in a period of prosperity versus in a period of recession.
What are the marginal revenue curves for each group : What are the marginal revenue curves for each group? What are the monopoly prices and quantities for each group?
Why when the same efforts must be made to uncork : Most customers tip according to a percentage rule between 15 and 25 percent of the bill.diners who have dinner and a $20 bottle of wine usually pay the same percentage of the bottle price as diners who order a $100 bottle.
If the goal of the transit authority was to maximize total : If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
What does china gain by keeping its currency from devaluatin : 1. What does China gain by keeping its currency from devaluating relative to those of its major trading partners?
What is the total cost of producing 1,000 units of output : Suppose a firm is producing 1,000 units of output. Its average fixed costs are $100. Its average variable costs are $50. What is the total cost of producing 1,000 units of output?
What is the maximum loan that the bank a can make : If the bank maintains a reserve requirement of 2 percent, what is the maximum loan that the bank A can make?

Reviews

Write a Review

Microeconomics Questions & Answers

  Environmental problem does impact on the community

five critically discuss of five way in which the human or environmental problm impact on the community about food production.

  What are the tr and mr for each acre

The first acre can produce 1000 bushels of wheat, the second acre 900, the third 800, and so on. How much revenue will each acre generate? what are the TR and MR for each acre?

  How does quantity of homes supplied change in the long run

The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought d..

  Defines the price of the imported good

Defines the price of the imported good as the foreign market price before it is loaded into the ship, train, or plane for shipment to the importing country.

  Increasing in excise tax affect the supply

How does an increase in an excise tax on cars affect the supply of cars. more cars will be made or fewer cars will be made or else.

  How the policy affects the utility''s profits and costs

Public utilities such as electricity are referred to as natural monopolies and are often subject to regulation by a state authority

  Profit maximizing decision perfectly competitive firm

Can you please explain the profit maximizing decision the perfectly competitive firm makes in the short run and describe why this firm can make profits in the short run, but profits aren't possible in the long run.

  What cab be a perfectly elastic supply curve

Elasticity of demand is a measure of the responsiveness of  to changes in price. Over time the elasticity of supply for a particular good or service tends to become  A tax on a service that has a relatively elastic demand and a relatively inelastic s..

  Impact of fiscal policy measure on economy

An increase in government spending or  An equal decrease in taxes if consumer confidence is lower than the previous month.

  Perfect competition gives an optimal allocation of resource

Discuss, using examples and academic references, the statement that perfect competition gives an optimal allocation of resources but that the existence of scale economies may make perfect competition impossible.

  Is greengenes applying the leftover principle incorrectly

Greengenes' landlord rejoices, saying, "According to the leftover principle, you will pay me $300 more in rent." Is the landlord correct. If not, is he applying the leftover principle incorrectly, or is the principle wrong

  Discuss the probable economic consequences if all education

Review government policy concerning educational reform and determine the best possible way to proceed. Explain your rationale.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd