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As an entrepreneur, there are going to be many decisions that you need to make, such as the price to charge your customers for your goods and services. You have just graduated from college and recently opened a specialty pizza restaurant. Based on surveys conducted in your area, you determine that it is feasible to sell your specialty pizzas for $15. The cost for making the pizzas includes a fixed cost of $55 and a labor cost of $4 per pizza.
As a business owner, it is very important to have an understanding of profit and loss. The formula for determining profit is Profit = revenue - cost (P = R - C).
The market for Sugar beet is in equilibrium at P = $15 and Q = 229995. The price elasticity of demand is -1. The price elasticity of supply is 0.6. Now assume that the government imposes a quota which reduces supply to 183,996
Describe why there is important amount of delay in the implementation of a fiscal policy after identifying that the U.S. economy is experiencing a recession.
What is the price elasticity of supply of land in Manhattan? What is the price elasticity of supply for land dedicated to a specific use, such as apartment buildings or office buildings? How do your answers affect the nature of economic rent earned b..
the real exchange rate is the nominal exchange rate, defined as foreign currency per dollar, times 1. US prices minus foreign prices 2.prices in the US divided by foreign prices 3.foreign prices divided by US prices 4.none of the above
How the budget affects economic activity. Explain when the government should have a budget deficit and when it should have a budget surplus.
there are 300 purely competitive farms in the local dairy market. of the 300 dairy farms 298 have a cost structure that
Explain which of the four characteristics is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horizontal? What is elasticity?
Select a nation that has a low per capita income and discuss how the catch-up effect would work for that country. Consider the determinants of productivity and explain some of the things that would tend to prohibit or limit that country's ability ..
Derive the short-run cost function - Derive the total surplus and briefly explain how and why the prices differ under different market structures.
An industry contains two firms, one whose cost function is c(y1)=y1^2 and another whose cost function is c (y2)=30y^2. The demand function they face is p=(120-(y1+y2)) a) find the output and profit for each in a nash equilibrium. b) Find total output..
Draw Lorenz curves for 2 income distributions. Can you say which distribution is more unequal based on
explain how the circular flow diagram relates to the current economic situation. using the circular flow diagram
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