EBK PRINCIPLES OF ECONOMICS
EBK PRINCIPLES OF ECONOMICS
7th Edition
ISBN: 8220102958395
Author: Mankiw
Publisher: CENGAGE L
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Chapter 3, Problem 4PA

Subpart (a):

To determine

Calculate the opportunity cost.

Subpart (b):

To determine

Draw production possibility frontier.

Subpart (c):

To determine

Specialization and increase in consumption.

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Respond to following post. You can charge higher prices if the parents think these are valuable by providing different services such as extended hours, healthy lunches, and smaller staff-to-child ratios. But pushing for prices much higher won’t make sense unless parents think the added value is worth the price hike. You should research your local parents to find out what they want.  If you want your business to be profitable, then focus on your strengths, do great work and have a reputation. Promote your special products and keep your prices low.  If you want to see if you’re making money, keep a log of all your profits and losses. You’re making money if you’re earning more than you’re losing. A break-even analysis can help you figure out how many customers you need to eat and start making money. Keep an eye on your budget so you don’t get off track.
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