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Assume that you and two friends are debating whether to open an automotive and service retail chain that will be called Auto-Mart. Initially, Auto-Mart will open three stores locally, but the business plan anticipates going nationwide within 5 years.
Currently, you and your future business partners are debating whether to focus Auto-Mart on a "do-it-yourself" or "do-it-for-me" business. A do-it-yourself business emphasizes the sale of retail auto parts that customers will use themselves to repair and service their cars. A do-it- for-me business emphasizes the offering of maintenance and service for customers.
Address the following questions:
What is the golden rule of profit maximization? Explain why the rule maximizes profits. Why are economic profits zero all along a long-run supply curve in perfect competition?
Identify the factors affecting production and costs in the short run to determine which single factor has the greatest impact on the widest variety of companies. Provide specific examples to support your response.
In what condition will a perfectly competitive firm that incurs economic losses choose to produce rather than shut down in the short run? Why will the firm do so (c) Should a firm produce at an output level at which long-run average cost is minimiz..
a identify three types of competition that most firms encounter other than competition from other firms in their
A firm faces two kinds of employees those able to sell 10 units per year, and those able to sell 5 units per year. High productivity employees are willing to work for $100 per year while low productivity employees are willing to work for only $50 per..
question 1consider a market with the following supply qs and demand qd curvesqd 200-2pqs25at the market equilibrium
If the demand for money becomes more insensitive to changes in the interest rate, equilibrium in the money sector will have to be restored mostly through changes in income. This implies a flat LM-curve.” Comment on this statement.
At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 and meat prices had actually fallen to $2.00.
What are the two components of the medical care price index? How does disease impact our "production" or health? How does our consumption of goods impact our production of health? What is the impact of education on our health production function?
Which of the following is a main element typically included in a "to make" cost analysis?
A decrease in the real wealth of the average household will cause the consumption function to shift
What is the new equilibrium price and what is the new equilibrium quantity, how many bags were oranges being overproduced before?
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