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Hannah is deciding whether to buy a suit she wants as well as where to get it. Three shops carry the same suit. She can go to her local department store, located 15 minutes away from where she works, and pay $120 for the suit. She can travel to a shop across town, located 30 minutes away from where she works, and pay $90 dollars for the suit.
Finally, she can take an hour drive to out of town to a neighboring city and pay 84 for the suit. Hannah makes $85 dollars and hour where she works. She has time to take off work to purchase her suit, so each hour away from work is 80 dollars in lost income.
Assume that returning to work takes the same amount of time as getting to a shop and that it takes her 30 minutes to shop. What is the opportunity cost if she chooses to purchase the suit in the neighboring city? And assume that Hannah takes opportunity costs and the price of the suit into consideration and that she exploits opportunities to minimize the cost of her suit.
Given this assumption, where should she buy the suit?
Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
The miracle Manufacturing company Short run Average cost Function In 1997 Is AV=3+4Q , Whwer AC is The firms Average cost ($/pound)And Q Is its output rate. A) Obtain an equation For the firms Short-run Total cost function.
According to the textbook, Bill Clinton re-defined welfare by creating the Temporary Assistance for Needy Families (TANF) program. TANF's key feature was its temporary nature. Conclude whether or not welfare assistance has become temporary. Provide e..
A gasoline station very near a profesional football stadium parks cars on its lot to make money on game days. Last year it charged $4.00 per car and parked 1000 cars. This year it raised the parking price to $5.00 and parked 850 cars. Did the stat..
Cool-Aire Corporation manufactures a line of room air conditioners. Its break-even sales level is 33,000 units. Sales are approximately normally distributed. Expected sales next year are 40,000 units with a standard deviation of 4,000 units.
To complete the analysis, Chuck wants to know more about the revenue that he can generate from his farm. The price of corn depends on how much Chuck produces.
Frank Gunter owns an apple orchard. He employs 40 apple pickers and pays them $7 per hour to pick apples, which he sells for $3.50 per box. If Frank is maximizing profits
In each case, do you think the household is better of f or worse off, or is the answer ambiguous? If ambiguous, what does the answer depend on?
With respect to price elasticity of demand, create a graph using the information in figure 1. Illustrate the ranges on demand curve that indicate elastic, inelastic, and unitary elasticity.
Compute the price, output, and profit contribution if the product is not certified. Compute the price, output, and profit contribution if the product is certified. Should the firm undergo the certification process?
the president and chief executive officer of a family owned manufacturing firm with assets of $45 million. The company articles of incorporation and state law place no restrictions on the sale stock to outsiders. An unexpected opportunity to expan..
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