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Author Question: Refer to Table 12-3. What will Arnie's output be and how much profit will he earn if the market ... (Read 36 times)

KWilfred

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on: Jun 29, 2018
Refer to Table 12-3. What will Arnie's output be and how much profit will he earn if the market price of basketballs is 5.00?
 
  A) Q = 0; profit = -10.00
  B) Q = 3; profit = -7.50
  C) Q = 1; profit = -10.
  D) Price and profit cannot be determined from the information given.

Question 2

Jamal, Lawson, and Kyle have been standing in line for almost an hour waiting to be served at Kirala, a popular new Japanese restaurant. It is possible that some of the people in line won't be served at all before the restaurant closes.
 
  Which of the following could explain why the restaurant does not simply raise prices high enough to eliminate the lines?
  a. In situations where consumption takes place publicly, demand for the product is also influenced by how many other people are buying the product. Consequently, a popular restaurant that increased its prices enough to eliminate lines might find that it had also eliminated its popularity.
  b. Firms may sometimes not raise their prices for fear that it violates people's sense of fairness and might alienate customers.
  c. The demand for restaurant meals is relatively elastic and if the firm raises prices it will lower its profits.
  A) a only B) a and b only C) a and c only D) a, b, and c
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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ladyjames123

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Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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KWilfred

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

xiaomengxian

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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