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(a) During lunch or dinner hours, patrons of many restaurants need to wait for a long time before there are tables for them. Explain the concepts of "pecuniary price" and "full-economic price" using this example with a suitable diagram. An economics student comments on this phenomenon: "Sellers are not maximizing to let this phenomenon happen." Explain the rationale behind this student's comment and discuss whether agree with it.
(b) As a manager, you would like to develop a demand equation for your restaurant, suggest FOUR variables might affect the demand for your firm. Explain briefly.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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