Lesson 8 - CostsQuestion 7 Consider the following two concepts. Are theseconcepts properly defined?Definition I) An economy of scale is when shortrun average costs rise as output (q) increases.Definition II) A perfect substitutes productionfunction is one where the marginal rate oftechnical substitution is either zero or infinity.Select one:a. Definition II is correct but definition I isincorrect.b. Both terms are correctly defined.c. Definition I is correct but definition II isincorrect.d. Both terms are incorrectly defined.

The correct answer is:d. Both terms are incorrectly defined.Explanation:Definition I is incorrect…

Answered: Consider the following two concepts.…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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choices for 1 and 2 are its either "variable" or "fixed" please also do the rest of the questions and graph thank you!
The owner of a skating rink rents the rink for parties at $1200 if 60 or fewer skaters attend, so that the cost per person is $20 if 60 attend. For each 5 skaters above 60, she reduces the price per skater by $0.50. (a) Construct a table that gives the revenue generated if 60, 70, and 80 skaters attend. No. of skaters Total Revenue 60 70 80 Price per Skater $ $ $ (b) Does the owner's revenue from the rental of the rink increase or decrease as the number of skaters increases from 60 to 80? O The revenue increases. O The revenue decreases. (c) Write the equation that describes the revenue for parties with x groups of five skaters more than 60 skaters. R(x) = (d) Find the number of skaters that will maximize the revenue. skaters (e) Find the maximum revenue. $ (f) When the revenue is at the maximum possible, what price is paid per skater? $
/courses/137060/quizzes/485275/take/questions/12956024 k Dashboard Customer Portal - R... Dashboard | Labcor... Clinician SimonMed FLORIDA STA... D Question 3 20 pts In MLA format, how should the following parenthetical citation for the newspaper article, "Ways to Save for College," appear if the article does not have an author and you do not use a signal phrase? O (no author C4) O (anonymous, C4) O("Ways to Save" C4) O (newspaper C4) ◄ Previous Q Search Quiz saved at 10:30pm Next ▸ Submit Quiz a H
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from DSM to ACY (Dollars per roundtrip) Room Rate at Meadows (Dollars per night) 300 200 40 200 rooms per night to ,hotel rooms at the Oceans and hotel rooms at the Meadows are 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is Oceans are ? from meaning that hotel rooms at the If the price of a room at the Meadows were to decrease by 20%, from $200 to $160,…
Question: What is another name for opportunity cost in economics?(a) Economic problem(b) Marginal Cost(c) Total Cost(d) Economic CostPlease Dont use AI tool.

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