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1. Explain in your own words the discrepancy between consumers' and producers' view of tourism as a product.
2. What is meant by the" opportunity costs" of tourism? Show how these may be linked to seasonal patterns of tourism.
Consider this statement. “It is estimated that leaky pipes and dripping faucets are the source of hundreds of thousands of dollars of lost water each year. Business firms could reduce waste by inspecting more pipes thoroughly and repairing water leak..
Suppose that workers can be hired competitively at a wage of $200. Explain how many workers will they hire at this wage.
What kind of goods are gasoline and road deaths. How might this impact how we evaluate increases in gasoline prices.
Consider an organization where you work, or one with which you are familiar. What is an issue within the organization that could benefit from applying ethical principles? How can these principles be used?
Profit Maximizing Rule: A firm maximizes profit by continuing to produce and sell output until Marginal Revenue (MR) = Marginal Cost (MC).
In perfect competition, where we determine optimal price, does the resulting P1 figure simply mean that when the market is at P1, the firm is maximizing it's efficiency?
The government wants to eliminate the inflationary gap by changing expenditures. What policy do you suggest? By how much will unemployment change after you policy has taken effect?
Discuss why it is important to evaluate processes within an organization using flowcharting and performance metrics.
Boo spend all of her income on tacos. There are only two varieties of tacos: chicken and pork, and Boo preferences pork taco. You could write her function as U=C + 3P. Chicken tacos cost $1, pork tacos $2.50, and she has an income of $40. Derive Boo'..
Draw the wage-schooling locus for someone for whom returns to schooling decrease through college but increase after college
What is the probability (±0.001) that the next customer pays at least $30? What percent of customers who pay at least $30 pump premium? % (Round your answer to the nearest whole number.)
The advantages of cloud computing are demonstrated in the fact that software and hardware upgrades are minimized. Another advantage important to IT professionals and just about anyone that accesses data on computers is ___________.
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