Economic Costs Owner/operators of small gas stations rarely pay themselves an hourly wage. How does this practice affect the economic cost of dispensing gasoline?
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Q) Economic Costs
Owner/operators of small gas stations rarely pay themselves an hourly wage. How does this practice affect the economic cost of dispensing gasoline?
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- Describe the various cost components that affect the retailgasoline price?Situation: Lettuces and strawberries have almost doubled in price, and the produce rep says this will likely be the case for a few months until the market can recover. What are you likely to see over the next one to two months as far as food cost?Describe the Cost of Cooking with Electric and Gas Ranges.
- DrivingNowhere is producing automobile spare parts. Consider the following data to answer below given questions. Annual demand 30500 Daily demand 100 Daily production 800 Desired lot size 200 Holding cost per uit per year $10 (a) Compute the setup cost so as to comply with the desired lot size. (b) Compute the setup time if hourly setup labor cost is $40.For distract drivingHow would I calculate the percentage change in price for these? (Not graded just a practice worksheet for a quiz tomorrow)
- Since most consumers spend very little on salt, a small increase in the price of salt will:A. reduce quantity demanded by a large amountB. not reduce quantity demanded by very muchC. not change quantity demandedD. increase quantity demanded by a small amount 2.Fred is considering opening a ski shop in Colorado. Assume Fred will incur the following costs: building rent= $100000/year, inventory= $250000/ year, energy=$50000/year, and labor (one clerk) = $10000/year. In addition, Fred’s current income as a computer programmer is $40000 per year. Assuming Fred would earn $ 460000 in revenues, he could expect to earn:A. an accounting profit of $10000 per yearB. an accounting profit of $ 60000 per yearC. an economic profit of $ 10000 per yearD. an economic profit of $50000 per year 3.Suppose a firm employs only capital and labour (K and L) and its production function is Q = 2KL. If the quantities of labour and capital are fixed at K =10 and L = 25, then:A. total output cannot exceed 125B.…Do consumer behavior strategic recommendations- Words Required: 600How do people make the decision to purchase Qatar airways tickets? You could talk either about evaluative criteria or decision rules ?
- 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,…Lisa is a self-employed physical therapist who works from a rented space. Lisa charges $200 for a therapy session. She incurred the following costs last month: space and equipment rental, $1200; wages, $3500; materials, $1800. If Lisa's profit last month was $2500, how many clients did she see? Instructions: Round your answer to the nearest whole number. clients.Quantity Fixed Costs Variable Costs Total Cost Marginal Cost 10 200 50 250 *********** 20 200 100 300 5 30 200 300 500 20 40 200 800 1000 X (A) If the equilibrium price is $20, find the profit-maximizing quantity. (B) How much profit will the firm earn? (C) Find the marginal cost as X.