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Pricing Menu Items
Assume that you have a menu item that costs $3.43 in food cost and 18 minutes of direct labor to create. Price the menu item using at least two of the methods identified in the text. Include your math in a clear format so that others can see how you obtained that price. Explain how the two pricing methods you used differ. Then, identify the method that you would use in your establishment, and explain why you have made this decision.
Illustrate what relative amounts of capital and labor will be employed to maximize output.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Those who advocate that the Federal Reserve target monetary aggregates usually argue that the Fed should not alter its monetary targets in response to temporary changes in macroeconomic conditions
What government officials increase the price of parking ticket from $40 to $50; they are surprised that their revenue actually falls. What happened?
Use the following data for a pure monopoly to calculate the firm's-its profit-maximizing output level and produce price;
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
Assume the new leadership in Congress decides to repeal some of the tax breaks granted to large businesses throughout the past several years. What impact will the repeal have on the exporting of jobs to foreign countries? describe by using isoquant ..
Suppose that in the market for comic book illustrators the substitution effect dominates the income effect While visiting Comic Con.
What were some of causes of stagflation of 1973 and 1979? In what ways were these episodes of stagflation different from great depression of the 1930s?
the grocery store next door provide an offers to double coupon night for Senior Citizens.
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