Economics

* If the fixed cost rose to 20% the total margin cost would be $ 87,580 which would be a substantial increase of $16,112 from question 1

|B) |will become flatter as output increases, if there are diminishing returns to the variable input. |

Number Seven: You Can't Fold a Regular Piece of Paper More Than Seven Times. This might sound crazy, but it's true! Try folding a normal sheet of paper eight times, and you won't be able to do it. Interestingly, if you could fold a piece of paper 42 times, it would be thick enough to go all the way to the

Plus, as a lumberjill, Miller has been reminded that technique trumps all. During chopping competitions, a common mantra to repeat is, “Slow is smooth. Smooth is fast.” This prompts competitors to remember that chopping as fast as possible doesn’t win competitions. At work, the same remains true. Getting the job done right and safe eclipses other

Suppose you have just won $100 in a lottery. You have a choice between two alternatives: (1) use it to buy a new shirt that costs $100, but are willing to pay $107; (2) put the money in a bank for one year and earn 10% interest. What is the opportunity cost of spending the money now to buy the shirt?

Absolute advantage is when a country produces more of a certain good and less of another good using the same amount of resources. Countries that practice this method are able to take advantage of an economic opportunity that allows them to work more efficiently. For example if two countries agree to import/export for maximum output it creates an absolute advantage to both parties. The U.S can produce more wheat than China, and China can turn around and produce more electronics than the U.S. This occurs because electronic products are cheaper and are now manufactured in China. The factories are bigger and work faster in terms of demand than those in the U.S. There are countries with environmental limitations and are not able to produce crops,

Chef Achatz claims that it takes a staff of five people a total of twelve hours to make a piece that can be consumed in 2 ½ bites. He continues on to say that his food is an expression of himself. Achatz says that sometimes

Problem Set 9 (75 points) 1. A student argues, "If a monopolist finds a way of producing a good at lower cost, he will not lower his price. Because he is a monopolist, he will keep the price and the quantity the same and just increase his profit." Do you agree? Use a graph to illustrate your answer. The argument is incorrect. As the graph shows, a reduction in marginal cost will cause a monopolist to reduce his price.

2. Our special technology for treating and cooking our products insure homogeneity of total ingredients, and give smoking period not less than two hours.

For the first two days in the lab, Autumn and I focused on making the cannoli while Tailhya and Emily focused on making the salsa. Prepping all the ingredients took about 15 minutes. To the make the cannoli, we first mixed up the ingredients for the filling in the food processor. This took about 20 minutes because the cream cheese made the filling very thick, so we had to keep adding some amounts of lemon juice to soften it up. Frying the cannoli shells only took about 5 minutes because the oil was very hot, so they cooked quickly. To make the salsa, the

Figure 9.2 ISC manages huge volumes of fan data compiled from the Daytona 500 and all other

It's convenient to do. Unlike waxing, you don't need to do much preparation in this process. All you need is a thread and an expert professional.

1. Suppose you are a star basketball player at a major university in your sophomore year. You are sought after by several NBA teams. Which of the following choices best characterizes your opportunity cost if you choose to drop out of college and enter the NBA?

An economy is the wealth and resources of a country or a region. Economy mainly refers to the consumption of goods and services in a specific country or region. The United States of America is known across the entire world as having the largest economy. The economy in the United States today is now where near what it was many years ago. The current economic situation has the country trying to regain its high economic status. The United States economy is really not good in its current state, but somewhat better than it was five years ago. Many people are not aware of the problem that we have in this country. I think that

These two decisions and the net pay off would be influenced by two key uncertainties viz. whether