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Author Question: A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired ... (Read 80 times)

jCorn1234

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on: Jul 1, 2018
A business owner makes 50 items a day. She spends 8 hours in producing those items. If hired elsewhere she could have earned 10 an hour. The item sells for 10 each. Production occurs seven days a week. If the explicit costs total 10,000 a month the economic profit for the month equals:
 a. 2,600
 b. 2,240
 c. 11,760
 d. 5,000

Question 2

Acquiring a firm that sells a substitute good would make the demand curve for your original product
 a. More inelastic
 b. More elastic
 c. Unchanged
 d. None of the above


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af

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

a


jCorn1234

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Reply 2 on: Jul 1, 2018
Excellent

bdobbins

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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