Question 3 (a) You celebrate Father's day at the best restaurant in the city and order a rare Kobe steak for RM1,500. After eating a quarter of the steak, you realise that you are quite full. Your father wants you to finish your meal because you cannot take it home and because you have already paid for it. What should you do? Relate your answer to the concepts learned in this course. Note: The answer should be no more than 50 words. (b) Aunty Grace Bakery is a profit-maximising competitive firm. She sells cheesecakes for $50 each. Her total cost each day is $550, of which $100 is a fixed cost. She sells 10 cheesecakes a day. Should Aunty Grace shutdown in the short-run? Why or why not?

Question 3 (a) You celebrate Father's day at the best restaurant in the city and order a rare Kobe steak for RM1,500. After eating a quarter of the steak, you realise that you are quite full. Your father wants you to finish your meal because you cannot take it home and because you have already paid for it. What should you do? Relate your answer to the concepts learned in this course. Note: The answer should be no more than 50 words. (b) Aunty Grace Bakery is a profit-maximising competitive firm. She sells cheesecakes for $50 each. Her total cost each day is $550, of which $100 is a fixed cost. She sells 10 cheesecakes a day. Should Aunty Grace shutdown in the short-run? Why or why not?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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