How the restaurants compare on the variety objective

Assignment Help Microeconomics
Reference no: EM131523737

Question: Stacy Ennis eats lunch at a local restaurant two or three times a week. In selecting a restaurant on a typical workday, Stacy uses three criteria. First is to minimize the amount of travel time, which means that closeby restaurants are preferred on this attribute. The next objective is to minimize cost, and Stacy can make a judgment of the average lunch cost at most of the restaurants that would be considered. Finally, variety comes into play. On any given day, Stacy would like to go someplace different than in the past week. Today is Monday, her first day back from a two-week vacation, and Stacy is considering the following six restaurants:

454_WT.png

a) If Stacy considers distance, price, and variety to be equally important (given the range of alternatives available), where should she go today for lunch? (Don't forget to convert both distance and price to similar scales, such as a scale from 0 to 100. Also, recall that Stacy has just returned from vacation; what does this imply for how the restaurants compare on the variety objective?)

b) Given your answer to part a, where should Stacy go on Thursday?

Reference no: EM131523737

Questions Cloud

Which of the given is a graphical summary of a set of data : Which of the following is a graphical summary of a set of data in which each data value is represented by a dot above the axis?
The plant for the divestiture to be profitable : what after-tax amount must it receive for the plant for the divestiture to be profitable?
What is your portfolio return : At the beginning of the month, you owned $4,900 of News Corp, $8,800 of First Data, and $6,300 of Whirlpool. What’s your portfolio return?
Conduct a comparison of the reserve ratios : Conduct a comparison of the reserve ratios in China and the US. Identify what is different.
How the restaurants compare on the variety objective : Stacy Ennis eats lunch at a local restaurant two or three times a week. In selecting a restaurant on a typical workday, Stacy uses three criteria.
What are the factors associated with online purchase : Write a Method section for the paper based on the following research question: "What are the factors associated with online purchases?
Describe variability within the larger latin american group : Describe the variability within the larger "Latin American" group, as defined by the U.S. Census, including the racial differences
How can avon handle making alliances globally : How can Avon handle making alliances and acquisitions globally and discus Avon's corporate strategy for structuring, and learning globally?
Compare and contrast secure borrowing and sale of receivable : Compare and contrast secured borrowing and sale of receivables. Also, recommend one of the methods that the company should use in order to obtain cash.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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